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Around the Valleys

CONEJO VALLEY THOUSAND OAKS Amgen Inc. will pay $95 million to settle a class action lawsuit. The suit was filed on behalf of shareholders who purchased Amgen stock from April 22, 2004 through May 10, 2007 and sought to recover damages for certain statements made by the Thousand Oaks biotech. Amgen believes the lawsuit has no merit and emphasizes the settlement is not an admission of guilt but settled to avoid prolonged litigation. The case was reviewed by the U.S. District Court for the Central District of California, and the settlement is subject to court approval. SAN FERNANDO VALLEY BURBANK Walt Disney Co. is replacing its Twilight Zone Tower of Terror attraction with one based on characters from its 2014 hit film, “Guardians of the Galaxy.” The new Guardians of the Galaxy – Mission: Breakout ride at the Burbank entertainment and media giant’s California Adventure theme park in Anaheim will open in 2017. Marvel Studios President Kevin Feige said the Disney Imagineering team has harnessed the spirit that made “Guardians of the Galaxy” a success to create the immersive experience. Joe Rhode, a portfolio director at Imagineering, described the attraction’s story as centering on the Collector who has captured all the Guardians except for Rocket Raccoon who enlists the aid of the park visitors in breaking out the others. The Twilight Zone Tower of Terror attraction will close in January. The Burbank City Council has set Nov. 8 as the date for a special election for residents to approve a replacement terminal at Hollywood Burbank Airport. The council gave its approval to the project at a special meeting on Aug. 1. The Burbank-Glendale-Pasadena Airport Authority wants to build the 14-gate, 355,000-square-foot replacement terminal on 49 acres north of the existing terminal, which was built in 1930. The cost of the election and to produce and mail the supplemental information booklet to be sent to voters is estimated at $200,000. The airport authority will reimburse the city for that cost. CALABASAS A change in the tax regulations in China caused Netsol Technologies Inc. to incorporate new tax handling capabilities in its software for clients in that country. China is replacing its business tax with the value added tax, which has been phased in. NetSol provides financing software to auto leasing and finance companies, an industry that made the tax conversion last year. Netsol was able to make the changes in less than two months for six global auto clients in China. Umar Qadri, president of NetSol Technologies China, said that because of important clients operating in China, a swift response by the company was necessary. CHATSWORTH California Resources Corp. has offered to buy back debt notes at a price between 55 and 68 percent of their face value. The Chatsworth oil company will purchase notes from four issues, with interest rates between 5 and 8 percent and a total face value of nearly $2.3 billion. For the 5 percent notes, the full consideration paid is $550 for each $1,000 in principal amount. For the 8 percent notes, the full consideration is $675. The tender offer will expire on Aug. 26 unless extended or terminated earlier by the company. The company is seeking an amendment to a credit agreement to finance the note buyback. Goldman Sachs & Co. is the lead broker for the program. Capstone Turbine Corp. received payment for two of its microturbines to be shipped to a flare gas utilization project in the Republic of Uzbekistan. The company anticipates commissioning the two C1000 Signature Series microturbines in November. BPC Engineering, Capstone’s largest distributor in Russia brokered the deal. The microturbines will be powered by natural gas that would otherwise be flared, or vented, into the atmosphere. Using the turbines will result in cost savings and is better for the environment. They will be the primary power source for the oil and gas production facility as well as powering a water pump and cooling systems. SAN FERNANDO L.A.-based industrial real estate company Rexford Industrial Realty Inc. has added a nearly 60,000-square-foot industrial building to its Valley portfolio. The company bought 525 Park Ave. in San Fernando for $7.6 million, according to CBRE Group Inc. in Los Angeles. Two tenants, Goodman Distribution Inc. and TMB, a production equipment and service company, lease the 59,600-square-foot building, CBRE said. Michael Bogle and Robert Valenziano, senior associates with CBRE, and Executive Vice President Craig Peters, negotiated the deal on behalf of Rexford and the seller, Gough Place Associates. STUDIO CITY Content delivery network MaxCDN of Studio City has been acquired by web security startup StackPath. This is one of four acquisitions StackPath has made with the aim of launching a security-as-a-service platform and rounding out its customer base, according to tech media outlet TechCrunch Inc. of Palo Alto. MaxCDN’s technology makes websites run faster by hosting servers closer to site visitors’ physical locations. Dallas-based StackPath, which provides security software and IT services, will utilize this platform to improve its product offerings while obtaining MaxCDN’s clientele. Financial terms of the deal were not disclosed. VAN NUYS The site of the former Voyager Motor Inn in Van Nuys has been sold to an apartment developer, according to New York commercial real estate brokerage Berkadia. IMT Residential, the property management arm of L.A. multifamily real estate investment firm IMT Capital, paid $10.2 million for the 1.22-acre parcel at 6500 Sepulveda Blvd. from L.A.-based Maryland Estates Inc. in an all-cash deal, said Berkadia. Zoned for residential, the site can potentially hold around 130 units and sits near Interstate 405 and the 101 Freeway. WEST HILLS The San Fernando Valley’s first Floor & Decor has opened for business in West Hills. The national specialty flooring retailer is at 22840 Victory Blvd. in the Pride Center at the southwest corner of Victory Boulevard and Fallbrook Avenue. The West Hills location occupies a former Albertsons space and will employ 50 workers. Floor & Decor caters to professional contractors and homeowners alike and offers free design services. Floor & Decor is headquartered in Atlanta and has stores in 17 states. The West Hills location is the fifth in Southern California, with others in Downey, Fullerton, Santa Ana and Norco. SANTA CLARITA VALLEY SANTA CLARITA College of the Canyons has appointed a new vice president of economic and business development. Jeffrey Forrest, a veteran financial analyst who served as interim dean of business and human development at St. Louis Community College in Missouri, assumed his new role on July 25. Forrest takes over the post formerly occupied by Joe Klocko, who retired earlier this year. Forrest’s responsibilities will include developing partnerships with business leaders and organizations in Santa Clarita and throughout the region. VALENCIA A shopping center in Valencia has changed hands for $58 million, a nearly 43 percent increase over what it sold for five years ago. Inland Retail Property Fund LP, a new investment fund sponsored by Inland Institutional Capital Partners Corp. in Oak Brook, Ill., bought the roughly 87,000-square-foot NorthPark Village Square at 27756 McBean Parkway, according to Encino real estate brokerage Colliers International. Inland bought the property from the pension fund Teachers Insurance and Annuity Association of America, which paid $40.6 million for the property in 2011, according to CoStar Realty Information Inc. – Compiled by Stephanie Henkel

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