Stories for December 2016

Friday, December 30

Hospital Faces Reduced Medicare Payments

Antelope Valley Hospital will face reduced Medicare payments based on a health care quality score, according to the Antelope Valley Press.

Thursday, December 29

Provision Enhances Kiosk Coupons

Provision Interactive Technologies Inc. has released an updated version of software used by its 3D advertising kiosks.

Icon Media Hires IT Exec

Direct response advertising agency Icon Media Direct has named Charles Serian as senior vice president of information technology.

Dental Nonprofit Receives Donated Supplies

A local nonprofit dental clinic for low-income children has received a significant donation from Henry Schein Inc., the world’s largest distributor of dentistry supplies.

Wednesday, December 28

FTC Gives Conditional Approval to St. Jude Buyout

The Federal Trade Commission gave its approval for the $25 billion acquisition of St. Jude Medical Inc. by Abbott Laboratories by requiring that Abbott sell off two medical device businesses.

PR Executive Joins Boys & Girls Club Board

The Boys & Girls Clubs of Greater Conejo Valley has named Jennifer Vides to its board of governors, the organization announced Wednesday.

Tuesday, December 27

B. Riley Co-Manages Red Lion Offering

B. Riley & Co. LLC was the joint book-running manager in a public offering of 2.5 million shares of stock in Red Lion Hotels Corp.

El Torito in Burbank Closes

Real Mex Restaurants Inc. announced Monday it will close six locations in Southern California, including the El Torito eatery in Burbank, according to media reports.

Friday, December 23

Salem Media Exits Louisville

Salem Media Group Inc. will transfer ownership of its three radio stations in Kentucky to a local broadcasting network, the company has announced.

High Home Prices Keep Sales Flat

New home sales in the San Fernando Valley have reached a plateau because of high prices, according to a report from the Southland Regional Association of Realtors.

Thursday, December 22

ApolloMed to Merge With Medical Management Firm

Glendale health management company Apollo Medical Holdings Inc. has signed a definitive agreement to merge with Network Medical Management Inc. of Alhambra, the companies announced Thursday.

DineEquity Experiments with Combo Restaurant

A co-branded IHOP and Applebee’s Bar & Grill restaurant will debut in Detroit late next year, parent company DineEquity Inc. has announced.

British Agency to Fund Second Sight Implants

Second Sight Medical Products Inc. on Thursday announced that Britain’s National Health Service will subsidize implantations of the Argus II Retinal Prosthesis System in 10 patients suffering from blindness.

Wednesday, December 21

IMT Sells Two Sherman Oaks Apartment Complexes

Sherman Oaks real estate company IMT Capital has sold more than 400 apartment units in Valley Village for $185 million, according to real estate database CoStar Group Inc.

Camarillo Firm Buys Du Pont's Food Safety Business

A Ventura County food safety testing firm has acquired the safety diagnostics business of DuPont & Co.

Tutor Perini Wins $97 Million Contract in Guam

Sylmar construction company Tutor Perini Corp. said its Black Construction Corp. subsidiary in Guam has been awarded a $97 million contract to construct significant upgrades at Guam International Airport.

Cheesecake Plans Hawaii Restaurant

Cheesecake Factory Inc. has initiated the process for opening a new restaurant in Hawaii.

Tuesday, December 20

Amgen Seeks Japan's OK for Osteoporosis Drug

Amgen Inc. on Monday announced that it has filed for market approval for its osteoporosis drug romosozumab in Japan.

Grab Green Lands $2.5 Million Investment

Eco-friendly cleaning products developer Grab Green has received $2.5 million in a financing round from Stoneway Capital.

Fuse Renews Lease for Glendale Headquarters

Media company Fuse has renewed its lease for its Glendale headquarters and signed a lease for a new, larger Manhattan location, according to the L.A. office of real estate firm Avison Young (Canada) Inc.

Monday, December 19

LNR Warner Center IV Sells for Nearly $150 Million

The vast 500,000-square-foot LNR Warner Center IV in Woodland Hills has sold for nearly $150 million, according to L.A. commercial real estate brokerage Newmark Grubb Knight Frank.

Cherokee Scrubs Licensed in Japan

Strategic Partners Inc. has entered an agreement with a Japanese apparel manufacturer to produce Cherokee brand medical uniforms for sale in Japan.

Wesely Thomas Leases New Headquarters

Thousand Oaks construction company Wesely Thomas has leased space in Westlake Village for its new headquarters, which will be nearly twice as large as its existing location.

Caruso Changes Name

Caruso Affiliated, the development company behind the shopping centers Americana at Brand in Glendale and Commons at Calabasas, has changed its name to simply Caruso.

Friday, December 16

County Unemployment Holds at 5.1 Percent

L.A. County’s unemployment rate remained unchanged at 5.1 percent in November even as 22,000 jobs were added to employer payrolls in the county, state figures released Friday show.

Local Companies to Lay Off More Than 200

Two companies have announced layoffs of 210 employees and a third will transfer more than 60 employees to an outside provider.

Lancaster Solar Plant Surges to Life

The Western Antelope Dry Ranch solar plant in Lancaster is now producing enough renewable energy to power more than 1,800 homes, a significant step in the city’s initiative to become the first in the nation to produce enough clean energy to meet its electricity needs.

Thursday, December 15

ImmunoCellular Names New CEO

ImmunoCellular Therapeutics Ltd. on Wednesday announced that the board of directors has appointed Dr. Anthony Gringeri as its new chief executive, following the resignation of former chief executive Andrew Gengos.

Entitled Woodland Hills Site Sold for $20 Million

A 3-acre parcel of land in Woodland Hills entitled for apartments has sold for $18.8 million to the U.S. subsidiary of a Beijing real estate investment firm.

Thousand Oaks Campus Bought Out of Foreclosure

Investors have bought the Conejo Spectrum office and industrial park out of foreclosure and plan to refurbish the property, according to Long Beach investment firm Harbor Associates.

Trucking Website Expands With News Site

West Hills truck-driver job board Trucking Unlimited has bought the news site, the company announced.


Calendar of events

Wednesday, December 14

Palmdale Inn Under Evacuation Order

Palmdale officials on Tuesday issued the Palmdale Inn a notice to vacate after the motel amassed hundreds of state and municipal building code violations.

Sherman Oaks Apartment Complex Sells for $6.3 Million

A 38-year-old apartment complex in Sherman Oaks has sold for more than $6 million, according to Calabasas commercial real estate brokerage Marcus & Millichap Inc.

Tuesday, December 13

Kurland to Step Down as PennyMac CEO

PennyMac Mortgage Investment Trust Chief Executive and Chairman Stanford Kurland will step down from his position effective Jan. 1, the company announced Tuesday.

Thousand Oaks Figures in Rams' Long-Term Plans

At Thousand Oaks’ State of the City Address & Luncheon on Tuesday, the director of football operations for the Rams said he hoped the team’s permanent headquarters would be located nearby.

Westlake Spectrum Office Park Sold for $23 Million

The five-building Westlake Spectrum office park in Westlake Village has sold, according to L.A.-based CBRE Group Inc.

Avery Dennison Buys Hanita Coatings for $75 Million

Avery Dennison Corp. has agreed to acquire pressure-sensitive materials manufacturer Hanita Coatings RCA Ltd.

Cheesecake Factory Expands Board

Cheesecake Factory Inc. in Calabasas has appointed restaurant industry veteran Edie Ames to its board, expanding the membership from six to seven people.

Monday, December 12

Rams Fire Fisher as Head Coach

Following a 42-14 loss to the Atlanta Falcons, the Los Angeles Rams on Monday announced the team has released Head Coach Jeff Fisher after five seasons with the NFL franchise.

Camarillo Apartment Complex Sold for $10.5 Million

Capistrano, an apartment complex in Camarillo, has changed hands for more than $10 million.

Teledyne Acquires e2v for $790 Million

Teledyne Technologies Inc. has reached an agreement to acquire systems manufacturer e2v technologies plc.

Around the Valleys

News and notes from the greater San Fernando Valley

Life Source International Charter School has bought the building it has occupied for three years.

The Water Guru

Matthew Fienup, the new economic forecaster at Cal Lutheran, has worked on agricultural policy in Ventura County.

Cal Lutheran’s new economist takes the reins.

‘Trial of the Century’ Comes Every 10 Years

PUBLISHING: Valley attorney and daughter pen chronicle of media-covered crimes.

A book written by tax attorney Mark Phillips along with his daughter Aryn Phillips about landmark murder investigations has garnered positive reviews.

Open Space Quickly Fills Near Van Nuys Runway

CONSTRUCTION: Offices in building phase are already 80 percent leased.

Clay Lacy Aviation is still a few months away from completing the first phase of a redevelopment program at Van Nuys Airport, but the company has already seen interest in taking the space.

Simi Valley Seeks Business Travelers and Brides

MARKETING: ‘Stay in Simi’ focuses on corporate event and wedding planners.

Tourists clad in business suits and bridal gowns may soon descend into Simi Valley thanks to a new marketing effort by the Simi Valley Chamber Tourism Alliance.

LTC Takes Care as Others Sell Nursing Homes

REAL ESTATE: Small REIT has money for acquisitions, but picks targets selectively.

With landlords shedding skilled nursing facilities, will LTC Properties go shopping?

The Number

Declining jobs and population numbers spell non-growth for Ventura County, according to a local economist.

Org Scores Free Party at Bowling Alley

Nonprofit wins staff holiday bash as a promotional prize.

‘Tis the season: bowling alley gives a holiday party to a local nonprofit.

Retro Videos Still Rentable In NoHo Shop

Eddie Brandt’s serves VHS aficionados with hard-to-find titles.

Not dead yet: video cassettes live on at a NoHo rental shop.

Military Tech Available in Civilian Drone

AeroVironment’s new Quantix targets industrial buyers.

Meet Quantix, AeroVironment’s first commercial drone.

Where’s Giant Leap for MannKind?

MannKind Corp.’s sales effort fails to deliver, so far; California’s secession threats show divisions between right and left.

Upgrades Mean Higher Rents for Apartments

MULTIFAMILY: Investment firm plans to ‘modernize’ units and common areas.

As more new apartment buildings spring up with fancier features and higher rents, investors see potential in older complexes with cheaper rent they can eventually raise.

SPECIAL REPORT: Bullish But Uncertain

ECONOMY: After a year of political volatility and high-profile acquisitions, Valley stocks moved higher in the post-election rally — with more gains foreseen in 2017.

Post-election effects on Valley companies; mergers and acquisitions and other major events from the past year for the Valley business community.

Most Traffic-Jammed Time of Year

The holidays remind us of L.A.’s traffic challenges.

Retailers Hire Niche Agency

ADVERTISING: Boutique contracts with Smart & Final, 99 Cents.

Bloom Ads wins big with Smart & Final contract.

High Artistry on the Floor

AUTOMOTIVE: Lloyd Mats aims for the upscale corner of the car carpet market.

How this employee-owned manufacturer distinguishes itself and its custom car mats with auto fans.

Performance U

$10 million gym seeks to produce top college athletes

By providing student athletes an extra edge, Sports Academy could score home runs, touchdowns, goals and baskets with parents.

Cherokee Tries Buy-Sell Style

APPAREL: After acquisition, company plans to divest assets.

Cherokee returns to its roots with Hi-Tec footwear deal.

Friday, December 9

Quixote Studios Buys Pacoima Building

L.A.based entertainment service company Quixote Studios has bought a Pacoima building that it plans to eventually use for equipment rentals.

Updated: Natrol Gets New CEO

Vitamin manufacturer Natrol on Nov. 28 announced the appointment of Tom Zimmerman as its new chief executive.

Cherokee Revenue Falls in Quarter

Cherokee Inc. beat Wall Street expectations on earnings but fell short on revenue in the third quarter.

Preview: Performance U

$10 million gym seeks to produce top college athletes.

Preview: SPECIAL REPORT: Bullish But Uncertain

Post-election effects on Valley companies; mergers and acquisitions and other major events from the past year for the Valley business community.

Thursday, December 8

DTS Acquires App Developer

Audio technology company DTS Inc. has acquired All in Media, a company that develops smartphone apps for radio stations, the company announced Thursday.

Biotech Expert Joins Glendale Law Firm

Law firm Lewis Roca Rothgerber Christie on Thursday announced that attorney Sal Wakil will join its Glendale office as an associate in the intellectual property practice group.

Capstone Cuts Costs on Investor Relations

Capstone Turbine Corp. said it will cut expenses by changing its audit firm and bringing in-house the investor relations functions.

Chinese Regulators Fine Medtronic $17 Million

Medical device maker Medtronic Inc. has been fined $17.2 million by Chinese regulators for alleged price fixing in regard to its diabetes and cardiovascular devices.

Wednesday, December 7

Huge Tejon Ranch Project Gets Approval

The Kern County Board of Supervisors has unanimously approved a massive master planned residential and commercial project proposed at the southern end of the San Joaquin Valley.

Medical Office Building in Burbank Sells

A large single-tenant medical building in Burbank has sold for $14.3 million.

Teledyne Buys Chatsworth’s Hanson Research

Teledyne Technologies Inc. has announced that it acquired Hanson Research Corp., a developer and manufacturer of instruments used in the pharmaceutical industry.

Tuesday, December 6

Testing Service PSI Moves into Aviation

Professional testing firm PSI Services has acquired Computer Assisted Testing Services, a firm providing testing services for the aviation industry, the companies announced Tuesday.

Two Valley Apartments Sell for Nearly $6 Million

Two apartment buildings in the San Fernando Valley sold in separate transactions for combined total of nearly $6 million.

Monday, December 5

Amgen, Allergan Seek Approval for Avastin Biosimilar

Amgen Inc. and Allergan plc have submitted paperwork for permission to sell a biosimilar version of cancer drug Avastin in Europe.

Unity Spacecraft Takes First Free Flight

Ten months after its unveiling, the space vehicle VSS Unity completed its first free flight on Saturday at the Mojave Air & Spaceport in the Antelope Valley.

Friday, December 2

Ixia Rises on Buyout Report

Shares of Ixia rose nearly 15 percent Friday after Reuters published an article saying the company was looking for a potential buyer.

DTS Acquisition Finalized

Tessera Holding Corp. closed on its $850 million acquisition of DTS Inc. on Thursday, and DTS shares will no longer trade on the Nasdaq.

Thursday, December 1

Princess Cruises to Pay $40 Million Penalty for Pollution

Princess Cruise Lines Ltd. will plead guilty to seven charges of deliberate pollution of the seas and pay $40 million in penalties, the Justice Department announced Thursday.

Van Nuys Airport Lifts Local Economy, Report Finds

The Van Nuys Airport brings in about $2 billion in economic output for Los Angeles County, according to a new report released Thursday by the Los Angeles County Economic Development Corp.

Century 21 Peak Continues Expansion With Inland Empire Acquisition

Century 21 Peak, a residential real estate brokerage in Woodland Hills, has acquired an Inland Empire brokerage as part of its expansion in Southern California.