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Wednesday, Feb 1, 2023
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AROUND THE VALLEYS

San Fernando Valley Sherman Oaks A massive Pavilions supermarket has been confirmed for development on Ventura Boulevard in Sherman Oaks. The 52,000-square-foot grocery is technically a redevelopment. A 26,000-square-foot Pavilions previously at 14845 Ventura Blvd. at the corner of Ventura and Kester Avenue was closed in 2017 and demolished in 2018 in anticipation of the new store’s construction. A Wells Fargo bank branch next door was also razed to make room.Pavilions is a specialty banner used by Vons, a subsidiary of Albertsons Cos. Inc., for upscale and organic foodstuff. Plans for the supermarket include a 254-spot parking garage with ground-level and underground lots. A pharmacy and Starbucks will go inside the grocery. There is no official construction timeline. TOLUCA LAKE A 10-unit multifamily property in the Toluca Lake submarket has sold for $3.6 million, nearly half a million dollars above its listed price, according to Lee & Associates-LA North/Ventura, which transacted the sale. Both buyer and seller are undisclosed private investors. The Colonial Manor Apartments, located at 4142-4152 Cahuenga Blvd., spans 8,904 square feet on a 20,610-square-foot lot. The structure contains a combination of one- and two-bedroom units. The location provides access to nearby freeways, major entertainment studios in Burbank and production houses in North Hollywood. Van Nuys Jet Edge International announced it has acquired Columbus, Ohio-based JetSelect Aviation. The Van Nuys aircraft charter company will retain all employees and keep JetSelect’s Columbus-based charter operations. The acquisition will provide more private jet charter options for consumers and corporations across the country as the company expands operations on the East Coast and West Coast, as well as in the Midwest and central parts of the country, the company said in a statement. Jet Edge has bolstered its fleet to more than 85 aircraft, including more large-cabin and ultra-long-range options from Gulfstream, Bombardier, Dassault, Boeing and Embraer. Woodland Hills The U.S. Patent and Trademark Office issued a patent to Endonovo Therapeutics for usage of its SofPulse technology in stroke victims. The company makes therapeutic devices that send electric pulses to a targeted area of the body. It hopes its technology will replace opioids for pain management. “We are extremely pleased with the continued development and expansion of our patent portfolio,” Alan Collier, chief executive of Endonovo, said in a statement. “This new issuance continues to expand the breadth and depth of our SofPulse unit.” Endonovo plans to market SofPulse products to help with neuroinflammation from stroke, which affects more than 795,000 people in the U.S. every year. A New Jersey alternate lender has acquired the merchant portfolio of Infinity Capital Funding, a Woodland Hills firm providing loans and cash advances to small businesses. Financial terms of the deal between Primary Capital Funding in West Orange and Infinity Capital were not disclosed. Infinity Capital specializes in merchant advances, designed for small retailers and other companies that accept credit card payments but need cash to cover expenses until the card payments are processed. “We are excited about the acquisition and believe that the data and technology ICF has built over the past 13 years will be tremendously valuable,” said David Korchak, co-owner of Primary Capital, in a statement. Additionally, Infinity Capital’s financial controller Isaiah Kenigsberg has been named as Primary’s new chief financial officer. Santa Clarita Valley Valencia Five Point Holdings has sold the first 781 homesites at its new Valencia project formerly known as Newhall Ranch. Five Point closed on 711 homes at the Santa Clarita Valley development in the fourth quarter of 2019, netting $135 million. It expects the remainder to close in the first half of 2020. “We have been waiting for this day for a long time,” said Five Point Chief Executive Emile Haddad in a statement. “These are the first deliveries of the approximately 21,000 homesites anticipated to be delivered next in Valencia, building on the reputation of one of the premier master-planned communities in the country that already has over 60,000 existing residents and 60,000 permanent jobs.” In addition to the residential sites, the project is planned to include 11.5 million square feet of commercial space, including health care and lifestyle-focused uses, and 10,000 acres of open space. Five Point is headquartered in Irvine. Platinum Equity has closed its acquisition of Wesco Aircraft Holdings Inc. in a deal valued at $1.9 billion. The Valencia aircraft parts and supply chain services provider is now a privately held company and its shares have stopped trading on the New York Stock Exchange. Wesco will be combined with Pattonair, a supply chain management services business for the aerospace and defense industries based in the United Kingdom. Pattonair is also owned by Platinum Equity, in Beverly Hills. Todd Renehan, the chief executive of Wesco, will stay on as chief executive and will remain headquartered in Valencia. Wayne Hollinshead, chief executive of Pattonair, has been named president. A New York electronics distributor has acquired Whitmor/Wirenetics, a provider of high-performance wire, cable and tubing in Valencia. Financial terms of the deal between BJG Electronics Inc. in Ronkonkoma, N.Y., and the privately held Whitmor were not disclosed. Founded in 1959, Whitmor supplies its wire and cable to military, aerospace, satellite and industrial markets. Mark Lee, vice president at the Santa Clarita Valley company, said that joining BJG allows for cross-selling opportunities from both geographic and product standpoints. “We now have a comprehensive product set and infrastructure in place to serve customers coast-to-coast, including wire and cable, connectors, backshells and related value-added services,” Lee said in a statement. H2scan, a Valencia-based maker of hydrogen sensors, has raised $13.5 million capital raise from two financers. One is Energy Growth Momentum, a U.K.-based private equity group, which invested $10.5 million. The other is El Dorado Investment Co., an Arizona venture capital firm owned by Pinnacle West Capital Corp., which committed $3 million in venture debt. According to a press release from H2scan, the money will be used to accelerate production of the company’s “Gen 5” technology. Gen 5 is a small, low-cost, application-specific integrated circuit sensor that measures hydrogen. The funding also will help H2scan increase its manufacturing capacity in its facility in Valencia. Tri-Cities Burbank A private owner/user has purchased a music studio in Burbank for $3.35 million. Located at 435 S. San Fernando Blvd. in the heart of the East San Fernando Valley’s media district, the freestanding 6,875-square-foot recording studio structure was built in 1927. The studio also features a 2,035-square-foot tracking room, 675-square-foot control room and four isolation booths. Ocean Studios California LLC sold the building. The property was completely vacant at the time of the sale. Senior Vice President Adam Comora with NAI Capital’s Encino office represented the buyer. The new owner plans to occupy the building for their business. “We are still seeing strong demand from users to purchase creative buildings in Burbank’s media district,” Comora said in a statement. “The East San Fernando Valley in particular is one of the most sought after submarkets in the region. Good product is in short supply.” A pair of research-and-development flex buildings in Burbank have sold for $16.5 million. The two buildings, totaling 67,377 square feet, are located at 1919 W. Empire Ave. and 1830 Valpreda St. Built in 1976 and 1984, the connected buildings have an extensive office build-out combined with open production area and high clearance warehouse and production space. The facility lies in the heart of Burbank’s media district on a tract totaling just over 2 acres with immediate access to the 5, 134 and 170 freeways. Executive Vice Presidents David Young and Chad Gahr at NAI Capital’s Encino office represented seller Rice LLC. The buyer was 4401 Wilshire L.P., a California limited partnership.

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