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San Fernando
Friday, Aug 19, 2022
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AROUND THE VALLEYS

   CONEJO VALLEY

THOUSAND OAKS

Thousand Oaks-based Amgen Inc.’s Tezspire, a treatment for severe asthma developed with AstraZeneca, has been approved by the U.S. Food and Drug Administration. Tezspire was approved following a priority review by the agency, based on results from a clinical trial program codenamed Pathfinder. The injectable treatment aids in stopping inflammation that causes asthma attacks. According to Amgen, the treatment is the first and only biologic to consistently and significantly reduce asthma exacerbations across phase two and three clinical trials. “Today’s approval by the FDA marks the first time patients and their physicians will have a biologic option for severe asthma without phenotypic limitations and irrespective of biomarker levels,” Dr. David Reese, Amgen’s executive vice president of research and development, said in a statement. 

WESTLAKE VILLAGE

Real estate investment LTC Properties has originated a $52.5 million unitranche loan for the purchase of a senior housing portfolio that includes 13 properties in North and South Carolina. The loan will provide capital improvements, $650,000 of working capital and $6.1 million of additional commitments, all making up a total investment commitment of approximately $60 million. The loan interest is 7.25 percent with an internal rate of return of 8 percent. It will mature in four years. The communities will be operated by an existing LTC operator. Wendy Simpson, LTC’s chief executive, said in a statement that LTC’s balance sheet and history of financing to regional operators allowed the company to adapt to the evolution of senior housing investments. “On the heels of our recent announcement of $46 million in investments through a variety of loan vehicles, this structured finance investment is another example of our ability to provide operators with the financing they need,” Simpson said.

  SAN FERNANDO VALLEY

CHATSWORTH

 A closed Pacific Theatres location in Chatsworth will be demolished for redevelopment as an industrial campus. Decurion Corp., parent company of movie theater chains Pacific Theatres and Arclight Cinemas, has filed a permit application with the city of Los Angeles to establish a three-building complex at 9201 N. Winnetka Ave. The new development would be 273,500 square feet, replacing the existing 140,000-square-foot structure.

NORTH HOLLYWOOD

Investment and development firm Dunleer has sold a 38-unit multi-tenant industrial park for $10.4 million, or nearly $350 per square foot. The asset, which Dunleer purchased in September 2020, is located at 7361 Ethel Ave., and was near full occupancy at the close of escrow. Originally built in 1970 and situated on 1.5 acres, the 30,000-square-foot property is comprised of 38 units ranging from 600 to 1,000 square feet. Chad Gahr and David Young of NAI Capital represented Dunleer in the transaction as well as the Southern California-based private buyer. “Dunleer significantly improved this asset by completely repositioning it both inside and out. We overhauled the interior of the units and cosmetically redesigned the exterior as well as adding security fencing, concrete trash enclosures, exterior security lighting and new monument signage,” B.J. Turner, founder of Dunleer, said in a statement.  

SAN FERNANDO

A small freestanding industrial building has sold for $1.7 million, or $309 per square foot. Located at 758 Arroyo Street, the 5,500-square-foot warehouse is situated on a fenced and secured M2-zoned lot and features a flexible floor plan, three ground-level loading doors, and an open warehouse configuration that is divisible into two units. The property stands within proximity of community amenities including dining and has rapid access to the 118, 405, and 210 freeways. Executive Managing Director Yair Haimoff and Senior Associate Barry Jakov of Spectrum Commercial Real Estate Inc., represented the undisclosed buyer in the transaction.

SHERMAN OAKS

Mobile bill payment application Papaya has raised a $50 million in a Series B funding round led by Bessemer Venture Partners. Papaya lets users take photos of bills (i.e., phone bills, utilities, parking tickets) and then choose how to pay over the phone or on web portals. Papaya said the mobile transaction system helps businesses, governments and municipalities get paid faster and more often. The company integrates with partners’ billing processes through paper statements and embedded widget technologies. “American families’ greatest source of stress and anxiety is finances,” Patrick Kann, Papaya’s chief executive, said in a statement. “With a user-friendly app and single photo of a bill, Papaya’s technology eases that pain point.” The $50 million will pay to expand the company’s payroll, form partnerships and continue to build out the technology, the company said in a statement.

VAN NUYS

Forty-four board members of the Valley Economic Alliance were sworn in at the annual meeting of the business-supporting organization, held at the Valley Relics Museum at Van Nuys Airport. Controller Ron Galperin administered the oath of office to 30 returning board members and 14 new ones. They will serve three-year terms. An additional 36 board members are currently serving terms that will expire in two years. Board officers of the Economic Alliance are Fred Gaines, chair; Armida Colmenares-Stafford, first vice chair; Kathy McIntyre, secretary, and Thomas Ohlgren, treasurer. The vice chairs are Bill Allen, Tamara Gurney, John Parker, Jane Skeeter, Darnell Tyler and Kecia Washington. The president and chief executive is Sonya Kay Blake.

Victor Berrellez was installed as the chair of the Valley Industry and Commerce Association. He succeeds Brad Rosenheim, who’s two-year term largely coincided with the coronavirus pandemic. Berrellez of U.S. Bank said that during his upcoming two-year term he would work diligently on behalf of VICA’s more than 300 members, who are among the Valley area’s most engaged business leaders.

  SANTA CLARITA VALLEY

Real estate company Covington Group, Inc. has acquired a portfolio of buildings totaling roughly 1 million square feet for an undisclosed price. The 70-acre industrial complex, called the Saugus Station Industrial Center and located at 25655 Springbrook Ave., is comprised of 24 buildings with varying clear heights up to 39 feet with units ranging from 8,000 to 133,000 square feet. The deal also includes a separate 24-acre land site. Craig Peters and Doug Sonderegger with CBRE Group represented both buyer and seller in the transaction.

  VENTURA COUNTY

CAMARILLO

Cannabis company Glass House Brands Inc. announced it had secured a $100 million loan from an unnamed U.S.-based private credit investment fund. The initial $50 million draw will be used to fund the phased retrofit of the company’s 5.5 million-square-foot cultivation facility currently under renovation and for general corporate purposes, it said in a release. Two subsequent draws of $25 million each will be available at future dates provided certain terms and conditions under the loan agreement have been met, the release stated. Glass House had bought the 160-acre property at 645 W. Laguna Road, which consists of six greenhouses and two packing houses totaling about 5.5 million square feet, for $93 million.

SIMI VALLEY

A two-property multifamily portfolio totaling 504 units sold for $190 million, or nearly $377,000 per unit, at the Villas at Wood Ranch, a 372-unit property; and 132-unit Overlook at Wood Ranch. Both communities were constructed in 1986. The units at both complexes come with hardwood floors, vaulted ceilings, bay windows and balconies. Amenities include two swimming pools, tennis courts, fitness center and barbecue areas. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Decron Properties. The team also procured the buyer, a private multifamily investment firm. “Situated in one of Simi Valley’s most affluent neighborhoods, The Villas at Wood Ranch and The Overlook at Wood Ranch are located less than half a mile apart and offer residents the unique opportunity to reside in this sought-after neighborhood at a fraction of the cost to home ownership,” Green said in a statement. 

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