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AROUND THE VALLEYS

San Fernando Valley Agoura Hills Vertical Cos., a vertically integrated medical and recreational marijuana company, will acquire UMBRLA Inc. for nearly $463 million. Santa Ana-based UMBRLA is a holding company that consolidates specialized cannabis subsidiaries around the nation. After the transaction closes at the end of July, Vertical intends to go public through a reverse merger with a Canadian Stock Exchange-listed company. Vertical declined to name the other company in the merger. Vertical and UMBRLA are expected to generate $100 million in 2019 and $321 million in 2020, making Vertical one of the largest multi-state operators in the industry, the company said. North Hollywood A proposed development would raze a strip mall and vacant apartment building in North Hollywood to pave the way for an 84-unit apartment building, according to Urbanize.LA. The proposed 25,000-square-foot project at 11410-11420 W. Burbank Blvd. would feature nine units of low-income affordable housing. The existing edifice to be torn down is comprised of six residential units. According to city records, the building’s tenants were vacated in 2007. There would be a reduction to required side-yard setbacks and an increase in allowable height at the property, which sits two blocks north of Metro’s North Hollywood Station.  Universal City Renee Washington has been appointed as the vice president of news at NBC4, the station announced earlier this month. Washington had been serving as assistant news director for the Universal City broadcaster since last fall where she played a role in managing day-to-day operations of the newsroom. Steve Carlston, president and general manager of NBC4, said that Washington’s knowledge, dedication and commitment to quality journalism makes her the ideal leader for the news team. “Renee’s experience as a news leader in major markets like Los Angeles and New York will enhance our already strong newscasts,” Carlston said in a statement. Prior to joining NBC4, Washington held leadership roles at the ABC Television Group, owned by Burbank-based Walt Disney Co. Santa Clarita Valley Santa Clarita Logix Federal Credit Union has opened its newest branch at Bridgeport Marketplace. The location at 24003 Newhall Ranch Road is the sixteenth branch in the Burbank financial institution’s network and the fifth in the Santa Clarita Valley. Santa Clarita residents Philip Garcia and Angela Overturf are, respectively, branch manager and assistant branch manager. The staff is recognizable, as each employee was selected from neighboring locations. Logix Chief Executive Ana Fonseca said the new branch incorporates technology to streamline the banking process, including a lounge with iPads and interactive teller machines instead of a teller line. Logix, which is moving its headquarters from Burbank to Valencia later this year, is the largest credit union in Los Angeles County. Valencia A small brush fire erupted around noon on June 9 at Sky View Lane and The Old Road in Valencia, just east of Six Flags Magic Mountain, spurring an evacuation of the Santa Clarita amusement park and the nearby Hurricane Harbor water park. Six Flags announced on Twitter that guests should evacuate the park. An hour later, it announced that exit roads had been temporarily closed and that guests would be safe if they stayed on park grounds. Videos on social media showed smoke blowing into the amusement parks as crowds moved to exit. Nine people were transported to the hospital due to smoke inhalation. Flames did not threaten any structures, but both Magic Mountain and Hurricane Harbor closed for the day. Both reopened the next morning. Tri-Cities Burbank Fodor’s named Hollywood Burbank Airport the best in the nation, citing its convenience, location and traveler experience. The tour guide publisher, owned by Internet Brands in El Segundo, praised the San Fernando Valley’s only commercial airfield for being “an agreeable airport in a perfect location” that puts visitors closer to what they want to see in Los Angeles. “Downtown L.A., Hollywood, Santa Monica, Beverly Hills, Universal Studios and more of the city’s best attractions are all easier to reach from Burbank than its neighbor (Los Angeles International Airport),” the tourism company said. Airport Executive Director Frank Miller said he and the staff were honored to have received the recognition as part of the inaugural Fodor’s Travel Awards. Fodor’s singled out LAX as the worst airport in the world, based on access into and out of the airport. Glendale Dana Point-based Raintree Partners purchased seven multifamily properties in Glendale for $79 million. The portfolio included Stanley Oaks Apartments with 80 units at 1435 Stanley Ave.; Everett Apartments with eight units at 138 N. Everett St.; Wilson Apartments with 14 units at 1458-1462 E. Wilson Ave.; Justin Oaks Apartments with 54 units located at 1133 Justin Ave.; Chestnut Apartments with 33 units at 120 W. Chestnut St.; Galleria Pointe Apartments with 22 units at 1140 N. Columbus Ave.; and Burchett Apartments with 20 units at 314-320 W. Burchett St. They were sold by a private seller. Ian Couwenberg, director of acquisitions for Raintree Partners, said in a statement that the purchase was part of the company’s larger strategy to grow a portfolio of smaller multifamily properties. Raintree will upgrade exteriors and amenities at the properties, which will be known as the Indie Collection. Ventura County Moorpark California American Water has acquired Rio Plaza Water Co., of Moorpark, for an undisclosed amount. Rio Plaza was previously owned by the Nickel family; the water company has a client base of roughly 500. California American Water of Newbury Park is a subsidiary of American Water in Camden, N.J. It took over operations of Rio Plaza earlier this month under an agreement approved by the California Public Utilities Commission. California American Water’s Ventura County service district includes approximately 21,000 households and businesses between Camarillo, Thousand Oaks, Newbury Park and unincorporated portions of Ventura County. The company tends to a population of 675,000 overall. “We believe California American Water will provide the best service to our customers and we look forward to their active participation in the community,” said John Chris Nickel, Sr. of Rio Plaza. Simi Valley AeroVironment Inc. has acquired Pulse Aerospace LLC, a maker of unmanned helicopters in a deal valued at $25.7 million. The Simi Valley developer and manufacturer of small drone aircraft will expand its offerings to customers with Pulse, in Lawrence, Kan. AeroVironment Chief Executive Wahid Nawabi said the deal brings together two complementary companies in terms of products, markets and culture. Pulse develops and manufactures three models of its Vapor unmanned helicopter for defense, commercial and research applications. The aircraft can fly up to one hour on a single battery charge. The Kansas facility will become the AeroVironment Innovation Center – Midwest, with a focus on small unmanned helicopters and mission planning products. Westlake Village The Conrad N. Hilton Foundation has named Marc Holley as its vice president of strategy and programs. Holley will lead all aspects of the foundation’s global grantmaking and serve as an officer for the Westlake Village organization starting Sept. 3. He will report to Peter Laugharn, the foundation’s chief executive. Hilton’s new vice president comes from the Walton Family Foundation, where he began his decade-long career and most recently served as the organization’s interim executive director. “Marc brings tremendous foresight, knowledge and agility to the Hilton Foundation, and he joins us at a very important moment in our history,” Laugharn said in a statement. “As we advance our work, Marc’s emphasis on people and relationships, his deep understanding of strategy, and his ability to help the foundation’s programs grow in size and impact make him the ideal leader for this vital time in our organization’s life.”

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