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Thursday, Nov 30, 2023

Around the Valleys

– San Fernando Valley Sylmar A subsidiary of Tutor Perini Corp. has won a $510 million contract at the Hudson Yards mixed-use development in New York City. The construction firm will build a steel and concrete platform in conjunction with Related Cos. and Oxford Properties Group. The platform will bridge the active Long Island Rail Road eastern rail yard and serve as the foundation for future buildings at Hudson Yards. Construction is expected to be completed by 2016. The company has previously been awarded two large contracts at Hudson Yards, a 26-acre site slated for 6 million square feet of commercial space, 5,000 residences, a public school and luxury hotel. Burbank Walt Disney Co. is already looking to expand its coming Shanghai resort, even though it won’t open until 2015. Chief Financial Officer Jay Rasulo, speaking at the UBS Global Media and Communications Conference in New York, said the theme park would be the third largest operated by the Burbank company, with the potential of being the second highest in attendance behind Walt Disney World Resort in Orlando, Fla. The $4.4 billion Shanghai park will span 1,000 acres – and include two hotels and an outdoor recreation area – but he said there has already been talk of its expansion once it opens. Disney owns 43 percent of the venture and Shanghai Shendi Group Co., a state-owned consortium of three businesses, owns the rest. PizzaRev, the Studio City fast-casual pizza chain, has opened its sixth location as part of a major expansion planned for next year. The 2,600-square-foot Burbank outlet at 175 E. Palm Ave. is one of the chain’s largest, and is in the city’s downtown. The chain, founded last year, received a major equity investment this year from Buffalo Wild Wings Inc. of Minneapolis. PizzaRev features a Chipotle-like assembly-line approach to making pizza cooked in minutes in high-temperature ovens, but it faces strong competitors with a similar format. Other planned PizzaRev locations include Valencia, Pasadena and Mid-City Los Angeles. The company currently has outlets in Northridge, Studio City, Woodland Hills, El Segundo and Oxnard. Glendale Health care insurer Cigna Corp. has agreed to a six-year extension of its Glendale lease. The Bloomfield, Conn. company renewed its 78,000-square-foot lease at 400 N. Brand. Cigna is the largest tenant in the 177,000-square-foot building and employs about 300 on site, according to real estate data firm CoStar Group Inc. The building is about 80 percent leased. R. Todd Doney, vice chairman at the Los Angeles headquarters of CBRE Group Inc., represented Cigna. – Conejo Valley Westlake Village The Westlake Village City Council has approved In-N-Out Burgers to open an outlet at the Shoppes at Westlake Village on Russell Ranch Road. The Irvine burger chain will join Target Corp., which was announced as the anchor tenant of the new shopping center, scheduled to open this summer. As part of the city’s aesthetic requirements, the restaurant will have a bronze-colored sign facing the freeway, as opposed to its classic yellow. The eatery has other Conejo Valley locations in Camarillo and Thousand Oaks. Agoura Hills American Homes 4 Rent has completed a $100 million secondary offering of preferred shares. The Agoura Hills real estate investment trust sold 4 million Series B Participating Preferred Shares for $25 each. The stock will pay a 5 percent quarterly dividend and is convertible to common stock after Dec. 31, 2017. The company plans to use the proceeds of the offering to continue buying and renovating single-family properties, to repay borrowings under its credit facility and for general business purposes. The financing follows a secondary offering in October that raised about $110 million. American Homes is the second-largest owner of single-family homes in the United States with about 20,000 properties in its portfolio. Camarillo Salem Communications Inc. has acquired the Twitter compilation site Twitchy.com from politically conservative author and columnist Michelle Malkin. The company, a Christian-themed radio broadcaster and publisher, already owns conservative news sites Townhall.com and HotAir.com. Together with Twitchy, the sites will have nearly 10 million unique readers and more than 100 million page views each month, according to Salem. Malkin worked for several years at the Los Angeles Daily News and is now based in Colorado Springs. The acquisition price was not disclosed. – Around the Valleys To be considered for publication, submissions should be emailed to: egolan@sfvbj.com. Please put ATV in the subject line. For more information, call (818) 316-3123.

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