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Saturday, Feb 4, 2023

Around the Valleys

San Fernando Valley North Hollywood The multi-tenant industrial building at 13026 Saticoy St. in North Hollywood has sold for $5.7 million. Built in 1974 on just over an acre of land, the property, which spans 22,250 square feet, currently has 17 tenants, including Kitchen Cabinets Remodeling, Davis Mach Co., Yoli’s Produce & More, The Wizard of Ink, Teryx Machine and Precision Quality Machinery. Greg Offsay, Todd Nathanson and Jesse Knight of Encino-based Illi Commercial Real Estate represented the seller. David Young and Chad Gahr of NAI Capital represented the buyer, which CoStar Group identifies as Harry Marks Inc. of Van Nuys. Sherman Oaks A 20-unit multifamily property at 15323 Weddington St. in Sherman Oaks has sold for $9.1 million, or $455,000 per unit. The two-story building, which sits on a half-acre of land, has a total of 27,027 square feet. Rick Raymundo, executive director of the National Multi Housing Group at Calabasas-based brokerage Marcus & Millichap Inc. represented buyer H & R Investments. Greg Marderian of AOA Commercial Brokerage represented seller The Rubino Trust. The family behind the Rubino Trust originally developed the property in 1986 and had been the sole owner until the sale. “The property had been maintained well, and the new owner intends to update unit interiors in order to improve cash flow further,” Raymundo said in a statement. Studio City Music rights management startup Haawk has acquired Keyframe Audio, a music licensing platform that provides premium quality royalty free music. Financial terms of the deal between Haawk, in Studio City, and Keyframe, in Los Angeles, were not disclosed. Haawk said the acquisition of Keyframe will help it expand services to the “micro stock” music market, which lets video producers access unlimited downloads of 50,000 royalty-free stock music tracks. The price of the service starts at $49 per year. Haawk’s main business is monitoring music in user-generated content on YouTube, Facebook and Instagram for record labels and music libraries. The company was founded by Ryan Born, whose previous ventures Audio Micro and Ad Rev, both in Sherman Oaks, were acquired in 2016 by Zealot Networks in Venice. Those startups also handled online rights management for music. Van Nuys Clay Lacy Aviation has hired World Kinect Energy Services to develop a sustainability program to reduce the company’s carbon footprint. Details of the deal between Clay Lacy, at Van Nuys Airport, and World Kinect, a subsidiary of World Fuel Services Corp. in Miami, were not disclosed. The program by World Kinect will attempt to reduce the carbon footprint at Clay Lacy facilities by installing a solar array, eliminating single-use plastics, transitioning ground equipment from diesel to electric and upgrading to LED lighting. The aviation company will work with World Kinect to offer carbon offsets to jet charter and management customers on an individual flight or aggregate basis. Tri-Cities Burbank Cartoon studio Titmouse has leased space at Media Center North, an office building located at 2835 N. Naomi St. in Burbank. According to CoStar Group data, Titmouse will become the sole tenant at the 101,907-square-foot structure, which previously housed Psi, a career excellence center. The move represents Titmouse’s fourth location and will provide space for a 35 percent increase in workforce, according to media reports, which claim that some 250 people will be added to the company’s current 700-person staff. Titmouse, which has executed work for other companies and developed its own content in-house, is based in Hollywood, where it opened in 2000. Since then, the animation house has opened studios in New York and Vancouver. Last month, the company signed a major production deal with Netflix Inc. for original adult animated content on the streaming platform. Hollywood Burbank Airport handled nearly 6 million passengers during 2019, the highest total ever recorded at the Valley’s only commercial airfield. The number of 5,983,737 passengers surpasses the previous record of 5,921,336 passengers in 2007 for the airport. Frank Miller, executive director of Hollywood Burbank Airport, was pleased that the facility reached the milestone. “Since 2007, the airlines have introduced larger and more efficient aircraft on most of their routes resulting in less aircraft operations while allowing passenger growth,” Miller said in a statement. Southwest Airlines led with 4.2 million passengers flown all last year out of the seven airlines serving the airport. Next was Alaska Airlines with 605,303 passengers and United Airlines with 341,205 passengers. Total aircraft operations increased in 2019 with 146,095 total aircraft operations, a 10.7 percent increase compared to 132,023 total aircraft operations in 2018. Aircraft operations include takeoffs and landings of air carriers, air taxis, general aviation and itinerant military aircraft. Spirit Airlines began service between Hollywood Burbank and McCarran International Airport in Las Vegas in June. For the year, the airline served 73,090 passengers from the Valley. Glendale Adventist Health in Glendale and Simi Valley will eliminate certain in-house facility staff positions in favor of hiring Chicago-based commercial real estate services firm Jones Lange LaSalle Inc. as of March 7. According to a notice filed with the California Employment Development Department, positions affected include facilities management, environmental services, security, linen services and grounds management. The cuts total 53 people laid off at the Glendale location and seven in Simi Valley. Adventist anticipates those laid off will be offered positions with Jones Lange LaSalle, the health organization said in its EDD notice. Ventura County Simi Valley A proposed four-story, 278-unit apartment complex has been approved in Simi Valley under pressure-filled circumstances. The city of Simi Valley’s planning commission voted 4-1 on Feb. 5 to recommend approval of a mixed-use development on the northeast corner of Tapo and Alamo streets, in an effort to meet state-instituted housing quotas. Last year, AMG & Associates of Encino had proposed its intention to raze most of the existing Belwood Center and replace the 7-acre site with a mixed-use development that would include the residential units (including 83 apartments deemed affordable), a parking garage and roughly 8,000 square feet of commercial space. Then, after some NIMBY pushback from local residents, the planning commission rejected the AMG project on Dec. 4. However, since then, the municipality has come under pressure from state housing officials, who warned that Simi Valley could risk decertification and face serious repercussions if the city violated the Housing Accountability Act, which encourages the creation of affordable housing and supports infill residential developments by expediting approval requirements for developers. As a result, Simi’s planning commission voted Jan. 22 to reconsider the project, which the commission then passed a few weeks ago. Westlake Village Arcutis Biotherapeutics debuted on the Nasdaq Jan. 31, with its shares gaining more than 28 percent on its first day of trading. The late-stage biopharmaceutical company, specializing in topical treatments for psoriasis and dermatitis, priced 9.4 million shares of its common stock at $17 per share, according to a statement from the company. By Feb. 12, shares climbed to $25.75. Arcutis’ experienced leadership team is led by former Amgen Inc. executive Frank Watanabe as chief executive, who has 25-plus years of experience in biotech and pharmaceuticals. Other executives come from Pfizer Inc. and Dow Pharmaceuticals. Shares trade under the ticker symbol ARQT. The offering closed on Feb. 4. Cantor Fitzgerald & Co. acted as lead manager; Goldman Sachs & Co. and Guggenheim Securities LLC, along with Cowen, acted as bookrunning managers.

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