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Tuesday, Nov 29, 2022
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Around the Valleys

ANTELOPE VALLEY PALMDALE Moody’s Investor Service has upgraded its rating on the City of Palmdale’s lease-backed debt to A1 from A3. The upgrade affects approximately $45 million in outstanding certificates and bonds secured by lease payments for various public buildings and construction projects. Palmdale’s A1 rating suggests the city has a strong ability to meet its long-term financial commitments but may be somewhat vulnerable to the impact of turbulent economic conditions, according to Moody’s. The grade also reflects the standard legal structure for California lease financing and general obligation bonds. CONEJO VALLEY THOUSAND OAKS Amgen Inc. announced that the company has appointed Ellen Kullman to its board of directors, expanding it from 13 to 14 members. In her new role, effective immediately, Kullman will serve on the audit committee as well as the governance and nominating committee for the Thousand Oaks biotech. Kullman is a director for technology products and service provider United Technologies Corp. of Farmington, Conn. She has also served as a director for General Motors Co. of Detroit and was previously chief executive of E.I. du Pont de Nemours & Co., a Wilmington, Del.-based science and technology company. A medical doctor has bought a Thousand Oaks office building to move his sports medicine practice closer to outpatient clinics, according to commercial real estate brokerage Westcord Commercial Real Estate in Westlake Village. Dr. Greg Tchejeyan, who owns Tchejeyan Orthopedic and Sports Medicine in Thousand Oaks, has purchased 250 Lombard St. for $1.6 million, or $335 a square foot, from construction firm Wesley Thomas, said Westcord. Tchejeyan’s practice is currently in the Los Robles Hospital and Medical Center but he plans to relocate to the new building and convert its offices into a medical clinic. The new location will offer expanded services, such as imaging, musculoskeletal care and orthopedic urgent care, but also longer office hours, said Westcord. SAN FERNANDO VALLEY BURBANK The Airport Plaza shopping center in Burbank has traded for $37 million, according to the L.A. office of Savills Studley Inc., a London-based commercial real estate brokerage firm. The 135,039-square-foot retail plaza at 635 to 699 Victory Blvd. was bought by El Segundo investment firm Paragon Commercial Group. The sellers were Airport Plaza Inc. and Alton Jennings Trust. Tenants include Hobby Lobby, Toys “R” Us, O’Reilly Auto Parts and Burger King. Savills Executive Vice President Bill Bauman, and Kyle Miller, senior managing director, brokered the deal on behalf of the sellers. Savills also represented the buyer. According to Savills, Paragon plans on redeveloping and repositioning the shopping center. GLENDALE DreamWorks Animation is settling for $50 million a class-action lawsuit filed by animators alleging the company engaged in illegal hiring practices to keep wages low, according to media reports. The Glendale studio was among a number of entertainment industry businesses named in the 2014 lawsuits filed by three former workers that were later consolidated into a single case. The lawsuit received class action status in May. The DreamWorks settlement must be approved by U.S. District Judge Lucy Koh, who has scheduled a hearing Jan. 19 on the matter in federal court in San Jose. Koh had previously approved settlements reached with defendants Sony Pictures and Blue Sky Studios that totaled $19 million. Glendale commercial real estate broker Troy Pollet with L.A.-based CBRE Group Inc. has been promoted to senior vice president, according to the brokerage. Pollet has been with CBRE since 2007 and after three years he was named Rookie of the Year for brokering $67 million in deals. Pollet previously handled institutional leasing and development with Trammell Crow Co. Since joining CBRE, Pollet has been involved in large office and medical office deals totaling more than 7 million square feet. Pollet’s deal volume last year was $354 million, according to CBRE. SYLMAR Second Sight Medical Products Inc. announced the first successful human implantation of a wireless visual cortical stimulator – a big step in the ongoing development of its Orion I Visual Cortical Prosthesis. In the UCLA study, a 30-year-old patient was implanted with the device and was able to see spots of light with no significant side effects. The implant was performed as part of a proof of concept clinical trial to show safety and viability in humans. The Sylmar company develops implantable visual prosthetics, like the Argus II and Orion I, to restore vision to the blind. The devices utilize an implant and camera to provide sight. However, the UCLA clinical trial did not utilize a camera. Tutor Perini Corp. will sell $500 million worth of senior notes in a private offering, the company announced. The Sylmar construction company said it will use the proceeds, as well as money from a new revolving credit facility, to redeem outstanding notes at 7.6 percent interest that are due in 2018. It will pay 100 percent face value for the notes. It also plans to pay off an existing term loan. The new notes are unsecured, but will be guaranteed by Tutor Perini subsidiaries. They will come due in 2024. TARZANA Tarzana Professional Center has changed hands for $32 million, according to Calabasas commercial brokerage firm Marcus & Millichap Inc. The medical and office campus with three buildings sits across the street from the Providence Tarzana Medical Center at the northeast corner of Reseda and Burbank boulevards. It has nearly 160,400 square feet on 2.33 acres. Moiez Benyaminov of Los Angeles bought the property for about $200 a square foot from Kort & Scott Financial Group of Anaheim, according to CoStar Group Inc. Addresses for the buildings are 18401 Burbank Blvd., 18425 Burbank Blvd. and 18455 Burbank Blvd. They range in size from two to seven stories and from more than 32,600 square feet to nearly 95,000 square feet. WOODLAND HILLS The Woodland Hills location of Jerry’s Famous Deli closed for good on Oct. 16 after 43 years of business. The New York-style deli, formerly located at 21853 Ventura Blvd., opened in 1973 as an outpost of Solley’s Delicatessen. It was purchased in 1996 by Jerry’s Famous Deli Inc., based in Studio City. The Jerry’s in Woodland Hills is the fifth to close in the Los Angeles area. The chain has three other locations in Encino, Marina del Rey and Studio City, as well as one in Miami Beach. Solley’s Delicatessen in Sherman Oaks closed last year. SANTA CLARITA VALLEY VALENCIA Henry Mayo Newhall Hospital has named a new chief medical officer and vice president of professional services. Dr. Kingman Ho will serve as a liaison between hospital leaders and medical staff in addition to overseeing patient care and safety initiatives. Ho most recently served as medical director at the University of Washington Medicine Valley Medical Center in Renton, Wash. Among other honors, he was named “Top Doctor” by Seattle Metropolitan Magazine for four years running and received a National Institutes of Health Award of Recognition. Logix Federal Credit Union broke ground on its new headquarters in the Valencia Commerce Center. Construction of the building on 12 acres near where the 5 freeway meets state Route 126 will begin in January and finish by the end of 2018. Logix has been based in Burbank for nearly 80 years. It decided to relocate to Santa Clarita as the city is a fast-growing hub of business activity. Logix has about 350 employees at its Burbank headquarters, a number expected to grow to 500 by the time of the move. The new headquarters will have capacity for up to 800 employees. – Compiled by Stephanie Henkel

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