Stories for July 2016

Friday, July 29

In Midst of Buyout, ReachLocal Improves

In what may be its final earnings report as a stand-alone company, ReachLocal on Friday announced a second-quarter net loss that was much narrower than a year ago.

Home Sales? Through the Roof

More single-family homes sold in the San Fernando Valley in June than in any June in four years, according to the Southland Regional Association of Realtors Inc.

Thursday, July 28

San Fernando Industrial Building Sold for $7.6 Million

L.A.-based industrial real estate investor Rexford Industrial Realty Inc. has added a nearly 60,000-square-foot industrial building to its Valley portfolio.

Talon Names Chief Strategy Officer

Talon International, Inc. announced the appointment of a new chief strategy officer on Thursday.

Earnings: Public Storage, Second Sight

Public Storage misses expectations; Second Sight reports a loss.

Anthem Loosens Rules for Sand Fire Victims

Health insurer Anthem Blue Cross has implemented temporary revised medical and pharmacy guidelines for policyholders affected by the Sand wildfire in Santa Clarita, the company announced Wednesday.

Wednesday, July 27

Amgen Beats Expectations

Amgen Inc. on Wednesday reported second-quarter financial results, exceeding Wall Street’s expectations.

Earnings: On Assignment, Avery Dennison, PS Business Parks

Revenue increased 25 percent at On Assignment, shares of Avery Dennison gain, and PS Business Parks missed expectations.

Tuesday, July 26

Frustration Boils Up at Minimum Wage Workshop

Frustration, or perhaps desperation, broke into the open Tuesday afternoon when city and county officials tried to explain new minimum wage ordinances to Valley-area business operators who said they were exasperated with the suddenness, complications and expense of the new rules.

Former Van Nuys Hotel Site Sold

The site of the former Voyager Motor Inn in Van Nuys has been sold to an apartment developer, according to New York commercial real estate brokerage Berkadia.

Web Security Firm Acquires MaxCDN

Content delivery network MaxCDN of Studio City has been acquired by web security startup StackPath, the company announced Sunday.

Monday, July 25

TouchCommerce Acquired for $215 Million

Customer service software developer TouchCommerce has been acquired by Nuance Communications Inc. in a deal valued at $215 million, the companies announced.

Fund Pays $58 Million for Valencia Shopping Center

A shopping center in Valencia has changed hands for $58 million, a nearly 43 percent increase over what it sold for five years ago.

Wildfire Consumes 33,000 Acres in Santa Clarita

A wildfire that broke out along the northbound 14 Freeway near Sand Canyon has charred more than 33,000 acres of the Santa Clarita Valley since Friday, officials said at a press conference Monday morning. It remains only 10 percent contained.

Future California Adventure Ride Based on ‘Guardians’

Walt Disney Co. is replacing its Twilight Zone Tower of Terror attraction with one based on characters from its 2014 hit film, “Guardians of the Galaxy.”

Sherman Oaks Apartment Sold for $8.6 Million

A Sherman Oaks apartment building has sold for $8.55 million following an upgrade, according to L.A.-based Re/Max Commercial & Investment Realty.

Lot of Liability

Goodwill helps businesses comply with ADA.

Goodwill extends hand to businesses to follow disability regulations.

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The Incredible Shrinking Public Co.

Government’s well-intended regulations may have driven small public companies to new, larger owners.

Working from First Base to the Boardroom

Sports and business both reward those who learn skills to compensate for what nature didn’t give them.

How success in baseball can translate to business.

City’s Attitude on Business Like a Pop Song

Eliminating poverty: private enterprise and the minimum wage.

3-D Software for a Smile

Technology: Chester Wang bought a firm in debt but found ways to straighten it out.

Dolphin Imaging maneuvers turnaround after new owner replaces hardware focus with software.

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SPECIAL REPORT: Soundstage Scarcity

With Hollywood studios booked, producers look to Simi and San Fernando valleys for affordable space as developers and property owners hustle to meet demand.

Filming’s rebound brings opportunities for Simi Valley and the San Fernando Valley.

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Calendar

Calendar of events

Around the Valleys

News and notes from the greater San Fernando Valley

Antelope Valley Hospital has named Ronald Bingham as its new chief operating officer.

SPECIAL REPORT: Creative Office Drives Deals in Valley Markets

Second-quarter’s diverse stories.

‘Ring’ Game Comes Back to Hook Warner Bros.

MARKETING: Payments for promotional videos not transparent, Feds allege.

In the film version of “The Lord of the Rings: The Fellowship of the Ring,” the character Boromir comments that one does not simply walk into Mordor.

Medicare Pricing Sends Up Second Sight Stock

BIOTECH: Agency proposes to pay $150,000 for Sylmar company’s vision system.

Boost in Medicare reimbursement sends Second Sight stock soaring.

Comic Shop Caters to the New Fandom

Women, cat lovers and new readers gather at Burbank retailer.

Perky Nerd comic book shop targets newbies and women.

CSUN’s Tech Incubator in Move Mode

Off-campus offices, broad mission aims to encourage startups.

L.A. Cleantech Incubator takes space near CSUN.

Kaiser’s Building Boom Part of Plan

HEALTH CARE: Nonprofit’s footprint must keep up with patient count.

Kaiser Permanente builds out to accommodate health care reform.

Pot Tenants Bring Problems

REAL ESTATE: Landlords suffer crime, odors and legal actions.

The high-risk, and high-reward, of renting space to medical marijuana businesses.

Friday, July 22

OPI’s 11-Acre Manufacturing Campus Available for Lease

Commercial real estate brokerage NAI Capital Inc. in Encino said it has secured the listing for OPI Products Inc.’s massive manufacturing campus of in North Hollywood.

College of the Canyons Names Workforce Development VP

College of the Canyons has appointed a new vice president of economic and business development.

County Unemployment Drops to 4.8 Percent

L.A. County’s unemployment rate fell to 4.8 percent in June, the lowest it’s been since January 2007, according to figures released Friday. In May, the seasonally adjusted rate was 4.9 percent.

Preview: SPECIAL REPORT: Soundstage Scarcity

Filming is up in Hollywood, and the space needed to create films – soundstages – is getting harder to find, presenting opportunities for entrepreneurs to lure productions to new spaces in the San Fernando Valley and Ventura County.

Preview: Lot of Liability

Valley Economic Alliance wants to help prevent the egregious abuses of the federal law with a most unlikely partner – Goodwill Southern California.

Thursday, July 21

Amgen Settles $95 Million Lawsuit

Amgen Inc. will pay $95 million to settle a class action lawsuit, the company announced Wednesday.

Valley's First Floor & Decor Opens

The San Fernando Valley’s first Floor & Decor opened for business in West Hills Thursday.

Capstone Sells Turbine for Uzbekistan Oil Project

Capstone Turbine Corp. received payment for two of its microturbines to be shipped to a flare gas utilization project in the Republic of Uzbekistan.

The Number

Global direct foreign investments swelled 36 percent last year.

Hospital Vows to Fight on in Funding Lawsuit

POLITICS: Despite judge’s decision, Antelope Valley thinks county owes money.

Antelope Valley Hospital had its first court hearing earlier this month regarding its lawsuit against Los Angeles County and its board of supervisors for allegedly misallocating billions of dollars of Measure B funding.

Cunard Line’s Grand Dame Gets Facelift

Queen Mary 2 even pampers pets after $132 million refit.

Cunard upgrades to house more ocean-going pets.

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Sage Growth Points to Future

PUBLISHING: Academic journal powerhouse takes bigger digs.

Academic and professional demand drives growth at Sage Publications.

Wednesday, July 20

Family Won’t Sue Disney Over Son’s Death

The family of a toddler killed by an alligator at a Walt Disney Co. resort in Orlando will not sue the company.

NetSol Makes Quick Change in China

A change in the tax regulations in China caused Netsol Technologies Inc. to incorporate new tax handling capabilities for clients in that country.

Designers for L.A. River Green Belt Chosen

Urban design and planning firm Gruen Associates has been chosen by Los Angeles to lead the design of 12 miles of the San Fernando Valley portion of the Los Angeles River Greenway.

Tuesday, July 19

Paramount to Use DTS Audio on Blu-ray Releases

Audio technology developer DTS Inc. entered into an agreement with Paramount Home Media Distribution to make DTS: X available on select Blu-ray discs, it was announced Tuesday.

Medtronic Glucose Monitor Gets Euro Approval

Medical-device maker Medtronic announced Tuesday that its Guardian Connect mobile glucose monitoring system received European Union approval and is slated for sale in 2017.

Monday, July 18

Valencia Warehouse Portfolio Sells for $64.5 Million

A five-building portfolio in Valencia and Santa Clarita has sold to Chicago-based real estate investment trust Jones Lang LaSalle Income Property Trust Inc. for about $64.5 million, according to the company.

Antelope Valley Hospital Names COO

Antelope Valley Hospital has named Ronald Bingham as its new chief operating officer, the Lancaster hospital announced Monday.

Friday, July 15

JetSuite Opens Burbank-San Jose Route

Private aircraft charter firm JetSuite is adding service to San Jose as part of the JetSuiteX service it operates from Hollywood Burbank Airport.

Ceres Narrows Loss

Ceres Inc. narrowed its losses during its last quarter as a publicly traded company if an announced acquisition takes place.

Thursday, July 14

Amgen Signs Japanese Drug Distribution Deal

Amgen Inc. announced Wednesday that it has entered into an exclusive contract with Tokyo-based pharmaceutical company Daiichi Sankyo Co. Ltd. to commercialize nine biosimilar drugs in Japan.

Antelope Valley Gold Mine Sells Shares

The owner of an Antelope Valley gold mine has agreed to sell $10 million worth of shares in the company to a syndicate of investors led by a Canadian firm.

Simulations Plus Shares Jump After Quarterly Report

Simulations Plus stock rose nearly 6 percent Thursday after the company announced its fiscal third-quarter results.

Wednesday, July 13

Pacoima Industrial Building Sells for $8.4 Million

The owner of the makeup brush retailer Morphe Brushes has bought a nearly 64,000-square-foot industrial building in Pacoima, according to L.A. commercial real estate brokerage CBRE Group Inc.

Notary Trade Group Launches Bond Website

NNA Services, parent company and operator of the membership-based trade group National Notary Association in Chatsworth, has launched surety and fidelity bond service TitleAndEscrowBonds.com.

Capstone’s New Turbine Enters European Market

Capstone Turbine Corp. has shipped its first C1000S microturbine to Europe for use at a manufacturing facility in Slovenia, the company announced Wednesday.

Tuesday, July 12

Location Filming Rises in Q2

On-location filming in the second quarter increased by 5 percent compared to a year ago, according to a report released Tuesday by FilmL.A.

Executive Suites to Open in Calabasas

Irvine-based Premier Business Centers plans to open workspaces for rent in Calabasas later this summer as part of a national expansion, the company announced Tuesday.

Monday, July 11

LTC Properties Buys Georgia Senior Care Facility

Westlake Village real estate investment trust LTC Properties Inc. has added a Georgia assisted living and memory care facility to its portfolio of properties.

ImmunoCellular Files for $13 Million Secondary Offering

ImmunoCellular Therapeutics Ltd. on Monday filed a preliminary prospectus to offer up to 60 million shares of common stock, which the company anticipates will raise approximately $12.8 million in net proceeds.

Urgent Care Prefers Cash, Not Coverage

Glendale clinic has a $499 inclusive deal that avoids insurance.

Excluding insurance brings business but also potential risks to Glendale fixed-price clinic.

Skunk Works Comes Clean on Energy Production

ENVIRONMENT: Lockheed installs 3,300 solar panels adjacent to Palmdale plant.

The top secret Lockheed Martin Corp. Skunk Works facility in Palmdale is now generating a portion of its own power from a solar installation that went active at the end of May.

In Tune With the Times

Looking for a second career? David Bash switched from college instructor to music festival promoter.

International Pop Overthrow Music Festival promoter David Bash.

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Gas Leak Yields Windfall of Work

LAW: Attorneys sign up hundreds of Porter Ranch residents.

The Porter Ranch gas leak has attracted a swarm of attorneys.

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Class for Rent

College to convert vacant supermarket into school

Antelope Valley College’s conversion of former supermarket and medical offices drives attention to tired strip mall.

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Calendar

Calendar of events

Around the Valleys

News and notes from the greater San Fernando Valley

Christian multimedia company Salem Media Group launched a news talk radio station over the July 4 weekend, airing throughout the greater San Francisco metro area – including Modesto, Sacramento and San Jose.

Could Theater Makeover Resurrect Reseda?

REDEVELOPMENT: Mixed-use project would have senior housing and a multiplex.

For its downtown, Reseda wants the same attractions other neighborhoods want – places to shop, eat and be entertained so residents and visitors will stay and spend money there.

SPECIAL REPORT: The Silver in Service

Service-focused enterprises again lead the Business Journal’s ranking of most lucrative Valley-area companies – and there’s a reason for it.

Overview of the top two most profitable companies and how they do it.

Apollo Sees Surge in North California Hospitals

MANAGEMENT: Company secures staffing contracts for doctors at two facilities.

Health management company Apollo Medical Holdings Inc. is expanding in Northern California, securing two new contracts to provide hospitalist services to Mee Memorial Hospital in King City and Salinas Valley Memorial Hospital in Salinas.

Amgen Incubators Grow Startups for Harvest

BIOTECH: Venture division seeks access to technology, potential takeovers.

Amgen Inc. backs startups for their future value.

Gannett Buys Digital Future

ACQUISITION: ReachLocal in Woodland Hills to join newspaper chain in $156 million deal.

Why Gannett Co. Inc. sees value in online marketer ReachLocal Inc.

The Number

In births of startups, L.A. metro ranks fourth but only 33rd for growing them.

Mompreneur Knows Value of a Network

Michelle Arevalo’s child-friendly events attract women in sales.

Professional moms and kids get business-oriented playdates through networking startup.

Startup Sells Shares to Fund TV Blitz

Resolution website OneDayDecisions.com to put its spots on air.

What’s a national TV ad campaign worth? 10 percent of its equity, according to one startup.

Crop Firm Ends in Acquisition

AGRICULTURE: Land O’Lakes to pay $17 million for Ceres.

Ceres Inc.’s switch to improving forage crop yields attracts purchase offer from Land O’Lakes.

California Resources’ Bad Luck

Massive debt, tanking oil prices, Brexit and lastly a mini-tender offer tell a bad-luck story for California Resources Corp.

SPECIAL REPORT: Mouse Tops Size List

Why some local public companies have left the list.

Friday, July 8

SetPoint Signs Lease at Mann Biomedical Park

SetPoint biomedical technology company has signed a long-term lease for more than 14,000 square feet at a research and medical park in Santa Clarita, according to L.A. based-CBRE Group Inc.

Rexford Industrial Buys Two Buildings

L.A.-based Rexford Industrial Realty Inc. has purchased properties in Camarillo and San Fernando, the company announced Thursday.

Preview: Gas Leak Yields Windfall of Work

With the gas leak in Aliso Canyon plugged, a geyser of lawsuits has erupted to provide work for local law firms – and perhaps rewrite the rules for complex litigation going forward.

Preview: Class for Rent

It’s a story known to many cities these days: a once-busy strip mall loses anchor tenants and the vast spaces sit empty for years before getting filled – if at all. Meanwhile, fewer people stop by, the center gets old and sluggish, and that drives out more tenants.

Thursday, July 7

Cunard Debuts Refitted Queen Mary 2

Valencia-based Cunard Line Ltd. has completed a $132 million refit of its flagship ocean liner Queen Mary 2, the company announced Thursday.

Second Sight Stock Pops on New Medicare Pricing

Second Sight Medical Products Inc. on Thursday saw an uptick in its stock price — up more than 20 percent — after the federal government established a proposed Medicare reimbursement rate of approximately $150,000 for the Argus II implant and its associated surgical procedure.

Wednesday, July 6

Netflix to Continue Streaming CW Shows

Burbank-based CW Television Network and streaming entertainment provider Netflix of Los Gatos on Tuesday announced a licensing deal that allows Netflix to continue as the only U.S. subscription television service providing past seasons of scripted CW series.

Leak Found, Fixed, at Aliso Canyon

Another gas leak was discovered at Southern California Gas Co.’s Aliso Canyon facility near Porter Ranch over the weekend, but it was small and quickly patched.

Tuesday, July 5

Ventura Shopping Center Changes Hands

Poinsettia Plaza, a shopping center in Ventura, has sold for $50 million.

Applebee’s Launches Wood-Fired Salads

Applebee’s Neighborhood Grill & Bar has launched a line of wood-fired grill salads, the company announced Tuesday.

Friday, July 1

L.A.’s Higher Minimum Wage Becomes Law

A minimum wage increase went into effect on Friday for Los Angeles businesses with 26 or more employees.

B. Riley Completes United Online Buyout

B. Riley Financial Inc. on Friday completed its acquisition of internet service provider United Online Inc. of Woodland Hills.

Oxnard Market to Become 7-Eleven

Irving, Texas-based 7‑Eleven Inc. has leased 2,800 square feet in Oxnard after buying the convenience store business operating at that location, according commercial real estate brokerage GPS Commercial Real Estate Services Inc. in Santa Barbara.