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Around the Valleys

ANTELOPE VALLEY LANCASTER Antelope Valley Hospital will face reduced Medicare payments based on a health care quality score, according to the Antelope Valley Press. It is one of 769 hospitals across the country that will receive less government funding for having higher instances of potentially avoidable patient infections and complications. Under the Affordable Care Act – also known as Obamacare – the Department of Health and Human Services is required to lower reimbursements to certain hospitals with poor total hospital-acquired condition scores, which is based on a scale of 1 to 10. The Lancaster hospital scored a 6.94 for the 2017 reimbursement year and was also penalized in both prior years. PALMDALE Palmdale officials issued the Palmdale Inn a notice to vacate after the motel amassed hundreds of state and municipal building code violations. The Los Angeles County Fire Department and City of Palmdale Building Official Bud Davis identified more than 400 structural, safety and health violations on the property, officials said. Guests of the inn were given 48 hours to vacate before they would be forcibly removed by sheriffs. The city has offered to provide them with temporary housing vouchers and food baskets through its South Antelope Valley Emergency Services program. Formerly known as Mahli’s Inn, the 49-unit motel at 217 E. Palmdale Blvd. was built in 1986. CONEJO VALLEY CAMARILLO Eco-friendly cleaning products developer Grab Green has received $2.5 million in a financing round from Stoneway Capital. The Camarillo company will use the money from Stoneway, in Provo, Utah, to expand marketing and worldwide sales of its products. Grab Green Chief Executive Michael Edell said the financing is a strong vote of confidence from Stoneway in the company’s future. Grab Green was founded in 2006 by Edell and Patricia Spencer and develops non-toxic laundry, kitchen and glass cleaners and hand and body soaps that are sold at Ralphs, Whole Foods Market Inc. and Gelson’s Markets, among other retailers nationwide. THOUSAND OAKS Investors have bought the Conejo Spectrum office and industrial park out of foreclosure and plan to refurbish the property, according to Long Beach investment firm Harbor Associates. Harbor Associates, which buys and repositions under-performing properties with its partner, private equity real estate investment firm Bascom Group of Irvine, paid $13 million for the two-building campus totaling 160,000 square feet at 1525 and 1535 Rancho Conejo Blvd. The 14-acre complex was 78 percent leased at the time of the closing. The joint venture secured the deal through a distressed auction bid process, Harbor said. The seller was CW Financial Services. The $81.25 per-square-foot purchase price is the lowest in Thousand Oaks since 2001, according to Harbor. WESTLAKE VILLAGE PennyMac Mortgage Investment Trust Chief Executive and Chairman Stanford Kurland will step down from his position effective Jan. 1. The move came among several others in an apparent management shake-up at PennyMac Mortgage’s Westlake Village headquarters. David Spector will be promoted to chief executive from his current post as chief operating officer. Kurland, who will assume the role of executive chairman without changes to his compensation, said the restructuring was aligned with leadership transitions at parent company PennyMac Financial Services Inc. Kurland founded PennyMac Financial Services in 2008 and has been chief executive since 2013. SAN FERNANDO VALLEY BURBANK Real Mex Restaurants Inc. will close six locations in Southern California, including the El Torito eatery in Burbank, according to media reports. The Orange County Register reported that Cypress-based Real Mex’s reasons for the six closures varied from lease expirations to poor performance. The Burbank El Torito was located at 3113 W. Olive Ave. near the corner of Alameda Avenue across from the Burbank Studios television production facility. Real Mex’s other closures Monday were in Los Angeles, Long Beach, Temecula, Torrance and Riverside. The company closed an El Torito Grill, a smaller version of the El Torito concept, in Sherman Oaks in October due to a lease expiration, according to the Register. CALABASAS Cheesecake Factory Inc. has initiated the process for opening a new restaurant in Hawaii. The Calabasas company filed a building permit request with the County of Honolulu for a $4.5 million restaurant at the site of the Ka Makana Ali’i mixed-use retail destination in West Oahu, according to public records. The center opened in mid-October upon completing the first of two development phases and is the third-largest regional mall in Hawaii. If the request is approved, the Oahu restaurant will be Cheesecake’s second location in the state. Its first Hawaii outpost opened in 2003 at the Royal Hawaiian Center in Honolulu. SHERMAN OAKS Direct response advertising agency Icon Media Direct has named Charles Serian as senior vice president of information technology. Serian will lead the Sherman Oaks company’s technology team and expand its in-house platform for TV and digital data management. Serian brings a background in software engineering and will build Icon’s systems for expansion. Prior to joining Icon Media Direct, Serian worked for Gracelock Industries, a Simi Valley e-commerce provider to the marine, power sports, and home décor industries; cloud-software platform FatCloud; and e-Commerce provider Volusion, also in Simi Valley. SYLMAR Sylmar construction company Tutor Perini Corp. said its Black Construction Corp. subsidiary in Guam has been awarded a $97 million contract to construct significant upgrades at Guam International Airport. Under the contract with the Antonio B. Won Pat International Airport Authority, Black Construction will build a third floor that will act as an isolation corridor over the existing airport concourse. It will require seismically retrofitting and modifying the main structure, Tutor said. Additionally, Black Construction will build eight more arrival pods and do significant upgrades to the architectural, mechanical and electrical systems inside the structure. Construction is expected to begin in March and finish in August 2019. VALLEY VILLAGE Sherman Oaks real estate company IMT Capital has sold more than 400 apartment units in Valley Village for $185 million, according to real estate database CoStar Group Inc. Real estate investment trust Essex Property Trust Inc. in San Mateo bought the 264-unit Ashton Sherman Village at 12729 Riverside Drive, built in 2013, and the 144-unit Emerson Valley Village at 12021 Kling St., built in 2010. The price per unit was $453,431. Mark Peterson with Eastdil Secured in Irvine arranged the deal on behalf of IMT, according to CoStar. IMT has sold five apartment complexes since August. WEST HILLS West Hills truck-driver job board Trucking Unlimited has bought the news site TruckingIndustry.news. The Scottsdale, Ariz.-based website is an aggregator of news stories and reports relating to the commercial trucking industry. Trucking Unlimited, which lists jobs offered by large and small carriers, said adding the news site to its current jobs board will provide commercial truckers one website for both services. At first, Trucking Unlimited will include the new website as an RSS feed and in the spring, it will release an application for mobile devices which will integrate the two websites. This is the second website purchase for Trucking Unlimited, which bought TruckDrivingJobs.com for $800,000 in 2014. WOODLAND HILLS The vast 500,000-square-foot LNR Warner Center IV in Woodland Hills has sold for nearly $150 million, according to L.A. commercial real estate brokerage Newmark Grubb Knight Frank. New York investment advisor Angelo, Gordon & Co. and Lincoln Property Co., a Dallas commercial real estate developer, partnered on the deal and paid $147 million for the 510,000-square-foot pair of Class A office buildings at 21255 and 21215 Burbank Blvd. near Canoga Avenue. The deal also includes the purchase of a land parcel. The seller was Starwood Property Trust Inc. – Compiled by Stephanie Henkel

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