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Tuesday, Jan 31, 2023
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AROUND THE VALLEYS

San Fernando Valley North Hollywood Developers have filed paperwork with the city of Los Angeles to turn a former club in North Hollywood into a hotel. Filed by Nitin Patel with NoHo Land LLC and Jamal Firas at Apex Designs LLC, plans specify the project at 6439 N. Lankershim Blvd. would have 89 rooms, a lobby with breakfast and lounge area, fitness room, multipurpose room and pool. The 4,898-square-foot building boasts Spanish Colonial Revival architecture which, according to Apex Designs’ website, is the aesthetic of single-family and multifamily residences designed by the firm. The site was previously home to Salsa Club 2000. Van Nuys Capstone Turbine Corp. has secured a repeat order for five of its microturbines for a railroad project in Russia. The manufacturer received the 1-megawatt order from DV Energy, its distributor in the Far Eastern Federal District in Russia. Capstone Chief Executive Darren Jamison said the company continues to see growth in Russia and Europe as its business expanded 20 percent year-over-year. “DV Energy is doing a great job representing Capstone in the Far Eastern Federal District and becomes a top 25 global distributor of ours with this most recent win,” Jamison said in a statement. The natural gas-powered C200S microturbines will be the primary power source for the Aldan Railway station, providing heat for the main building and reducing its operational costs. Russia has the third-longest railway system in the world with more than 52,000 miles of track. Jen Derstine, vice president of marketing and distribution, said that the country has been a good market for Capstone and currently has more than 1,400 microturbines operating in the region. Woodland Hills Warner Center has another mixed-use project coming soon on the site of the Fry’s Electronics store at 6100 Canoga Ave. Houston-based real estate firm Kaplan Cos. plans to redevelop the 8-acre site, which is occupied by a branch of the San Jose electronics chain. Kaplan intends to create multifamily, commercial office and/or hospitality space on the site, adding to Woodland Hills’ Warner Center 2035 Specific Plan to create a “downtown San Fernando Valley.” Kaplan will use a three-year floating rate development loan originated by Silverpoint Capital and secured by Senior Managing Director Cutt Ableson of Berkadia’s Houston office. “The Warner Center business district is one of the most active locations for development in the San Fernando Valley, with an advantageous location right on U.S. 101 and minutes from Interstate 405,” Ableson said in a statement. With Fry’s Electronics known for individual motifs at each retail store, the Woodland Hills Fry’s has an “Alice in Wonderland” theme. BlackLine Inc. Chief Operating Officer Marc Huffman has been promoted by the board of directors to the position of president. He will now oversee the product and technology functions of the Woodland Hills accounting software developer, in addition to its sales and marketing teams. Huffman was also nominated for election to the board at its 2020 annual meeting. “I’m looking forward to further accelerating the momentum as we continue to guide our customers to successful outcomes,” Huffman said in a statement. Tri-Cities BURBANK The Walt Disney Co. board of directors has named Bob Chapek as the new chief executive. Chapek, who had been chairman of Disney Parks, Experiences and Products, replaces Robert Iger who becomes executive chairman through 2021 and will direct the creative efforts of the entertainment and media giant. With the successful launch of Disney’s streaming services, including Disney+ in November, and the integration of 21st Century Fox, it was an optimal time to transition to a new chief executive, Iger said. “I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations,” Iger said in a statement. Chapek is the seventh chief executive in Disney’s nearly 100-year history. Iger has been head of Disney since September 2005. During his tenure, Disney has been on a strong growth trajectory. The company got in early on distributing content via Apple Inc.’s iTunes; bought Pixar Animation Studios, Marvel Entertainment and LucasFilm Ltd.; built a theme park in China; and saw the share price hit $100 for the first time ever. Iger originally announced he would retire in March 2015. That was later extended several times – the board last extended his contract in 2017 to take him as Disney head until July 2019. But the acquisition of Fox for $71 billion, which was announced in December 2017 and closed last year, kept Iger on the job. Entertainment accounting firm Cast & Crew has announced an agreement to acquire Media Services, another production payroll and management company for the entertainment industry. Financial terms of the deal between Cast & Crew, in Burbank, and Media Services, in Los Angeles, were not disclosed. Media Services will continue to operate as a separate company. Cast & Crew Chief Executive Eric Belcher said that Media Services was a great fit. As a combined company, he said, existing clients will benefit from the experience, products, and services that each company has honed over the past several decades. “We are well-aligned in our shared values, complementary strategies, compatible technology portfolios and consistent corporate cultures,” Belcher said in a statement. It is the second acquisition by Cast & Crew since its purchase by an equity investment fund of EQT Group AB, in Stockholm, in December 2018. EQT Partner Kasper Knokgaard said the firm was pleased to see the expansion and diversification of the Cast & Crew portfolio. Glendale Short-form video distributor Loop Media Inc. in Glendale has completed a reverse merger with a Las Vegas company. Loop Media is now a subsidiary of Interlink Plus Inc. and its management is now running the combined companies. Interlink Plus has sold off its two major business segments – travel agency assistance services and convention services – and will now focus on Loop Media’s business of distributing music videos, film trailers, sports programming and other short-form content to restaurants, bars, casinos, cruise ships and other public venues. Loop Media was co-founded in 2016 by Jon Niermann, the current chief executive. It monetizes its video distribution service through subscriptions and advertising. It has curated a library of 200,000 music videos plus film, television and game trailers. Completion of the merger was announced Feb. 7.  Ventura County Simi Valley Gaspar Insurance Services has opened new offices in Simi Valley at 40 W. Cochran St., Suite 201. Chief Executive Tim Gaspar told the Business Journal the expansion made sense due to the number of both clients and staff who live in Simi Valley. “We feel like there’s an opportunity to have close ties to the community the same way we do for the San Fernando Valley,” Gaspar said. “We have a decent number of clients in the area, both businesses and families. It just fits with our strategy of being ingrained in the community.” The branch officially opened for business in mid-February and will hold a formal ribbon cutting event this month. Captaining the new office is Manager Curt Witeby, who joined the firm in August. He’ll oversee a team of 10 in Simi Valley, half of whom are new hires. Westlake Village Drawbridge Realty, a real estate investment firm in San Francisco, has purchased an office campus in Westlake Village that is fully leased to Bank of America through 2031. The property at 31303 Agoura Road is a two-story, 253,720-square-foot office building on 19.6 acres. Bank of America employs about 1,000 people on the site. While the purchase price on the acquisition is undisclosed, the last time an entity bought the office campus, in July 2018, the property sold for $97 million as part of a 14-part portfolio sale.

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