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Around the Valleys

ANTELOPE VALLEY LANCASTER Life Source International Charter School has bought the building it has occupied for three years. The nonprofit school paid $2.63 million for the roughly 28,000-square-foot, 10-year-old building on 2.15 acres at 44339 Beech Ave., according to Principal Deberae Culpepper. The seller was SKS Ventures, a venture capital and private equity company in Lakewood, Colo. Nearly seven years old, Life Source educates traditionally underserved kindergarten through 8th grade students. To help pay for the property, the school secured city approval for a tax-exempt bond of up to $5 million issued by the California Municipal Finance Authority. MOJAVE Ten months after its unveiling, the space vehicle VSS Unity completed its first free flight at the Mojave Air & Spaceport. The flight was the fifth for Unity but the first in which it glided on its own for 10 minutes after being released by a carrier aircraft at an altitude of 50,000 feet. The spacecraft did not use its rocket engines. Unity was built for Virgin Galactic to take passengers up to an altitude of 62 miles above Earth to experience weightlessness. About 700 people have signed up to fly on the six-passenger craft, which would launch out of New Mexico. CONEJO VALLEY THOUSAND OAKS Los Robles Hospital & Medical Center has become the first certified comprehensive stroke center in Ventura County and 14th in the state. The Thousand Oaks hospital received accreditation from certification body DNV GL – Healthcare of Milford, Ohio. According to the hospital, the new title “reflects the highest level of competence for the treatment of acute stroke events.” Comprehensive stroke centers are considered the most clinically advanced to treat strokes and stroke complications in a certain geographic area and can determine where a patient goes to receive treatment, according to Los Robles. Los Robles Hospital is a 404-bed acute-care facility with more than 600 physicians on staff. SAN FERNANDO VALLEY CALABASAS Tessera Holding Corp. closed on its $850 million acquisition of DTS Inc., and DTS shares will no longer trade on the Nasdaq. The Calabasas audio technology company’s shares closed at $42.52 on its final day of trading. The all-cash deal between DTS and Tessera, in San Jose, was announced in September. DTS and Tessera Holding subsidiary, Tessera Technologies Inc. will be combined under Tessera Holding Corp. and shares will continue to trade on the Nasdaq under Tessera’s ticker symbol, TSRA. In the first quarter of next year, the company will introduce a new corporate name, stock ticker and logo. GLENDALE Acco Engineered Systems has named long-time employee Jeffrey R. Marrs as its new chief executive. Marrs has been with the Glendale mechanical engineering firm for more than 30 years and replaces John Aversano, who remains as the chairman. As chief executive, Marrs will focus on the company’s growth goals to expand its market share, geographic presence, products, services and distribution agreements. Projects the company has worked on include Tom Bradley International Terminal at Los Angeles International Airport, Wilshire Grand Center, Cedars-Sinai Advanced Health Sciences Pavilion and Google Headquarters in Mountain View. Marrs joined Acco in 1983 as a design engineer. DreamWorks Animation will lay off 170 employees at its Glendale campus in January as the studio continues to be integrated into NBCUniversal following its acquisition early this year by NBCUniversal’s parent Comcast Corp. The staffing cuts come two months after DreamWorks eliminated 200 positions in the corporate office and in its distribution and consumer products operations. in August Comcast closed on its $3.8 billion buyout of the Glendale film and television studio, which is now part of NBCUniversal’s Universal Filmed Entertainment Group. SHERMAN OAKS Cherokee Inc. will acquire footwear maker Hi-Tec Sports International Holdings B.V. for $96 million. The Sherman Oaks company, which owns a portfolio of apparel brands, will launch a public offering of its shares to partly fund the acquisition. The purchase of Hi-Tec is expected to close by the end of the year. Hi-Tec Sports manages several athletic, work and outdoor shoe brands, including Magnum, Interceptor and its own Hi-Tec label. The Amsterdam company distributes products in more than 80 countries and has e-commerce and retail partnerships with Nordstrom Inc., Amazon.com and Wal-Mart Stores Inc. Valley Economic Development Center received $2.5 million from Wells Fargo & Co. to expand a minority small business loan program. The Sherman Oaks alternative lender and business assistance organization was among 12 recipients of money from San Francisco-based Wells Fargo, through the Wells Fargo Works for Small Business Diverse Community Capital program. The center will receive $250,000 in grant funds and $2.25 million in lending capital. The lending capital will allow it to expand its African American Small Business Loans program to the entire Southern California region. The center anticipates serving 450 entrepreneurs and business owners and to make 50 loan recommendations. TARZANA Tarzana’s Clark Manor apartments have traded for more than $12 million, according to Calabasas commercial real estate brokerage Marcus & Millichap Inc. The 48-unit complex on two parcels at 18553 and 18563 Clark St. sold for nearly $12.2 million, or $253,125 per unit, to an undisclosed buyer. The complex is within walking distance of Village Walk at Tarzana, a Whole Foods Market and a Gelson’s Market. The property will provide the buyer with significant revenue upside potential, said Jeff Louks, executive vice president at Marcus & Millichap, who with Senior Associate Brett Sanson, arranged the deal on behalf of the seller. Richard Ringer, senior vice president, represented the buyer. VAN NUYS The Southwest College of Medical-Dental Assistants has purchased an office building in Van Nuys for $3.3 million. The two-story, 13,500-square-foot building at 14540 Haynes St. is about 50 years old and was renovated in 2000 and again in 2011. The seller of the property was 14540 Haynes LLC in Encino. The buyer was represented by Robert Stover, senior vice president with NAI Capital in Encino. Stover said the Van Nuys building fits the school’s expansion plans and market coverage. “The uniqueness of the property and its accessibility to amenities and their target market made it a perfect opportunity for my client to buy,” Stover said in a prepared statement. WOODLAND HILLS Four financial services firms initiated coverage of BlackLine Inc. three weeks after the accounting software developer went public. Starting their coverage of the Woodland Hills company was Robert W. Baird & Co. in Milwaukee, JPMorgan Chase & Co. in New York, Goldman Sachs Group Inc. in New York and Pacific Crest Securities in Cleveland. Baird rated BlackLine as “outperform” due to above-average long-term growth prospects. JPMorgan and Goldman Sachs issued “neutral” positions while Pacific Crest set an “overweight” rating on the stock. Goldman Sachs and JPMorgan were the underwriters on the initial public offering, while Baird and Pacific Crest were co-managers. SANTA CLARITA VALLEY VALENCIA Princess Cruise Lines Ltd. will plead guilty to seven charges of deliberate pollution of the seas and pay $40 million in penalties. The Valencia-based cruise company is a subsidiary of Carnival Corp., headquartered in Miami. As part of the settlement with the Justice Department, ships from eight Carnival companies will be under a court supervised environmental compliance program for five years. A whistle-blowing engineer helped investigators determine that Princess’ ship Caribbean Princess illegally dumped oil off the coast of England in 2013. The discharge involved about 4,227 gallons of pollution. The $40 million penalty is “the largest-ever criminal penalty involving deliberate vessel pollution,” according to the Justice Department. – Compiled by Stephanie Henkel

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