Stories for August 2018
Friday, August 31
Six Flags Magic Mountain plans to open a new attraction called West Coast Racers next year.
Cheesecake Factory opened its newest restaurant in Lynnwood, Wash. earlier this week.
With dozens of options lining grocery store shelves, consumers of nutrition bars seem to have an overabundance of choices. But despite the variety, sports nutritionist and former real estate agent Karen Nation could find nothing that worked for her and her clients.
Construction has begun on Mian Plaza and Conference Center, a long-gestating project across the street from the Camarillo Premium Outlets.
Northridge Promenade, an 89,473-square-foot shopping center in Northridge, has sold for more than $16 million, according to a real estate firm Cushman & Wakefield.
Thursday, August 30
The Los Angeles County Regional Planning Commission voted to recommend to the Board of Supervisors the approval of a massive residential and commercial project at Tejon Ranch.
DataDirect Networks is expected to close in the next few days its acquisition of Tintri Inc., a deal that will boost the company’s product portfolio.
Sterling Organization has purchased North Ranch Gateway, an 86,520-square-foot shopping center in Westlake Village, for $35 million.
Wednesday, August 29
Semtech Corp. beat Wall Street estimates on revenue and adjusted earnings for the fiscal second quarter.
GeoLinks has been awarded $87.8 million from the Federal Communications Commission to bring broadband service to rural areas in California and Nevada.
Four Catholic schools in the San Fernando Valley will provide mental health services to students and their families through a new program run by a psychology professor at California State University - Northridge.
Tuesday, August 28
Athletic trainers from Providence Health & Services will be placed in seven San Fernando Valley high schools, the hospital system announced Tuesday.
California Credit Union honored 18 first-year Los Angeles Unified School District teachers during a Los Angeles Sparks basketball game at Staples Center.
LA Weekly Publisher Brian Calle is accused of “breathtaking incompetence, self-dealing and fraudulent intention” in a lawsuit filed Aug. 27 by David Welch, one of the investors who took over as LA Weekly owners last November.
Monday, August 27
AeroVironment Inc. has donated two Quantix drones to the U.S. Military Academy at West Point.
Deluxe Entertainment Services Group Inc. is laying off a total of 46 employees from two of its locations in Burbank.
The California Business and Industrial Alliance has ended discussions with the California Labor Federation to co-sponsor a bill to reform the Private Attorney Generals Act, also known as PAGA.
Following a year-long legal battle and a Los Angeles City Council-approved settlement last week, the owner of San Regis Apartments at 15454 Sherman Way in Van Nuys has agreed to charge affordable rates to low-income tenants in 78 units.
Friday, August 24
Amazon.com Inc. appears on the cusp of occupying square-footage at a warehouse in Newbury Park, according to a Thousand Oaks Acorn report.
A doctor in Lancaster has been convicted by a federal jury of participating in a Medicare fraud scheme.
Thursday, August 23
Scorpion, the online marketing agency in Valencia, has debuted a new YouTube series about its clients.
Colliers International has acquired the Glendale office of CBC Advisors, a Coldwell Banker Commercial affiliate, in an effort to deepen its Tri-Cities footprint.
Tutor Perini Corp. has appointed Wendy Hallgren as general counsel, the Sylmar-based construction company announced Wednesday.
Serviz, an on-demand provider of home repair services, has been acquired by competitor Porch, the companies announced.
Wednesday, August 22
Engineering and testing company National Technical Systems Inc. is relocating all its corporate functions to a new facility in Anaheim, vacating its office in the west San Fernando Valley.
The effort by Southern California Edison and the state’s two other investor-owned utilities to reduce billions of dollars in potential liabilities from wildfires died in the Legislature on Aug. 18, according to news reports quoting the key lawmakers involved.
Sales of homes and condominiums in the San Fernando and Santa Clarita valleys continued at a solid — if not record-breaking — clip in July, while the median price for condominiums in the Valley hit a record high, according to a Southland Regional Association of Realtors report.
Lowe’s Cos. Inc. will shut down all Orchard Supply Hardware stores nationwide — including four locations in the Valley and one in Thousand Oaks — by February, the company announced in an earnings report Wednesday.
Shares of Public Storage in Glendale fell nearly 4.5 percent Tuesday after an analyst downgraded the stock to “sell” from “neutral.”
Tuesday, August 21
Nuance Communications has renewed its lease for 34,256 square feet at 29903 Agoura Road in Agoura Hills.
Stratolaunch Systems announced Monday a new line of launch vehicles that includes a space plane.
Liberty Co. Insurance Brokers in Woodland Hills has acquired a majority stake in Mitchell & Mitchell Insurance Agency, based in Novato.
Patrick Nygren, the former top executive at Wells Fargo in the San Fernando Valley, has joined Union Bank as regional president for Los Angeles and the Central Coast, the financial institution announced Tuesday.
Monday, August 20
The Gelt Foundation, a nonprofit organization that provides rental assistance to qualified apartment tenants who are facing eviction, has changed its name to Resident Relief Foundation.
The Securities and Exchange Commission charged five Florida residents with unlawfully selling securities of Woodbridge Group of Cos., a defunct real estate firm formerly in Sherman Oaks.
Burbank-based real estate investment firm SBH Real Estate Group Inc. has acquired the retail property at 810-822 S. San Fernando Blvd. in Burbank for $5.25 million in an all-cash transaction, according to the firm.
L.A. County’s unemployment rate held steady at 4.5 percent in July even as seasonal job losses gripped the education sector, according to state figures released Friday.
41% L.A. workers who would quit their job for more money
Poll on why people want to change jobs in Los Angeles.
MANAGEMENT: Executives combine medical and business experience.
New leaders at hospitals, mental health center.
Accounting: All-cash industry poses challenges for bookkeeping.
New leaders at hospitals, mental health center.
From large aerospace contractors to small machine shops, Valley-region manufacturers have a challenge finding workers.
Finding employees presents a challenge for area companies.
RESIDENTIAL: Digital takes center stage for marketing at Warner Center event.
Century 21 Peak rebrands itself.
True or false?: The business community in the San Fernando Valley supports the city’s idea to house the homeless temporarily in specified areas in each council district.
TRANSPORTATION: Low-income areas may get extra wheels.
Valley could benefit from new rules on electric scooters.
FINANCE: Marlon Nichols seeks multicultural returns.
Venture capitalist targets minority millennials.
Recession nudged founder into the restaurant business.
Owner of Spencer Makenzie’s Fish Co. lands in Camarillo.
AUTOMOTIVE: Mercedes-Benz selects Thousand Oaks to host gallery for its AMG brand.
Thousand Oaks car dealer sells top-of-the-line Mercedes.
BIOTECH: For investors, lack of capital looms as issue in coming quarters.
Stock tanks for MannKind Corp.
Immix Biopharma founder Ilya Rachman thinks he has a new way to develop medicines, and his first proof is a now-healthy canine patient.
Doctor cures cancer in dog, looks to humans next.
Steven Bronson runs two publicly traded companies in the Valley region, leading to a synergistic approach to management.
Steven Bronson, chief executive of Qualstar Corp. and Interlink Electronics Inc.
FILM: California hosted 10 top-grossing titles last year, behind Georgia’s 15.
FilmL.A. report on lack of big budget films made in area.
Friday, August 17
Patrick Nygren, the former regional president in the San Fernando Valley for Wells Fargo Bank, has left the company.
The dockless electric scooters that have popped up in neighborhoods throughout the Westside and Central Los Angeles may soon come to the San Fernando Valley.
On Aug. 6, Immix announced that its drug Imx-110 had successfully brought a dog named Jerry into remission from late-stage lymphoma.
Private equity firm Providence Strategic Growth has acquired a majority stake of ExakTime Inc., an employee attendance tracking software maker for the construction industry.
Construction has begun on the Mian Plaza and Conference Center of Camarillo across from the Camarillo Premium Outlets.
Thursday, August 16
Hundreds of union-affiliated workers at Providence Tarzana Medical Center staged a one-day strike and a demonstration on Aug. 16 to protest what they described as unfair labor practices, including frequent shift cancellations and wages that lag behind the region’s rising cost of living.
Los Angeles City Controller Ron Galperin has concluded that the city needs to improve on evaluating and negotiating such deals in which the city awards tax breaks and incentives.
Hip hop artist B-Real of the group Cypress Hill opened a marijuana dispensary Wednesday in Sylmar.
Wednesday, August 15
Shares of California Resources Corp. dropped more than 10 percent on Wednesday as crude oil prices fell 3 percent to below $65 a barrel.
NAI Capital completed the sale of a 10,040 square-foot mixed-use development site in North Hollywood for $3.7 million (or $349 per square foot), according to the firm.
The homelessness problem locally ranks as a 10 on a scale of 1 to 10, and the business community in the San Fernando Valley strongly supports the city’s proposal to put temporary homeless shelters in in each council district.
Several local hospitals were named among the best in the state on U.S. News & World Report’s Best Hospitals list for 2018-2019.
Golden State Overnight Delivery Service Inc. is laying off its entire staff of drivers from its Santa Clarita location this fall.
Tuesday, August 14
West Hills Hospital & Medical Center has appointed Dr. Yale Podnos as its new chief medical officer.
In a low-vacancy warehouse market fueled by e-commerce, a renovated 146,000-square-foot industrial property in Chatsworth has sold for $28.5 million.
Burbank-based Logix Federal Credit Union and Henry Mayo Newhall Hospital in Santa Clarita have partnered on a program for the children of parents who have passed away.
Monday, August 13
Luxury residential builder FMB Development announced Monday that it will break ground on a new multifamily property at 11436 W. Hatteras St. in the heart of North Hollywood.
BlackLine Inc. has named Owen Ryan to its board of directors effective this month to contribute his expertise on the company’s next phase of growth.
Salem Media Group has acquired former financial analyst Hilary Kramer’s investment newsletters and websites, the Camarillo-based conservative and Christian media company announced Monday.
SetPoint Medical in Valencia has named Murthy Simhambhatla as its new chief executive, the electronic medicine firm announced Monday.
Friday, August 10
Calabasas-based real estate brokerage Marcus & Millichap Inc. has hired David Shillington as the new president of its finance subsidiary, Marcus & Millichap Capital Corp.
GlassRatner, a subsidiary of B. Riley Financial Inc. in Woodland Hills, announced Thursday that it advised Coast Mesa car dealer Orange Coast Auto Group in its acquisition of Costa Mesa-based South Coast Acura.
San Fernando Valley Bar Association Executive Director Liz Post will step down from the role effective Oct. 6 after leading the organization for nearly 25 years, the nonprofit announced Thursday.
Thursday, August 9
An affiliate of Illinois real estate investment firm Pine Tree LLC has acquired an indirect interest in Tarzana’s Village Walk and has taken over management of the property.
Attorneys, business bankers, accountants, insurance professionals and wealth managers filled the Garland Hotel’s banquet room Thursday as San Fernando Valley Business Journal held its 8th Annual Trusted Advisors Awards ceremony and lunch.
A 12-building industrial park with aerospace and entertainment tenants in Burbank has sold, fetching nearly $85 million for its seller.
Shares of Salem Media Group Inc. fell more than 16 percent Thursday after the Camarillo-based Christian and conservative media company announced a worse-than-expected quarterly loss of $2.2 million, or -8 cents a share.
Woodbury University has appointed three new members to its board of trustees, the Burbank institution announced Thursday.
Four community colleges in the San Fernando Valley will offer a cloud computing certificate program through a partnership with Amazon.com Inc.’s Amazon Web Services.
Wednesday, August 8
California was the location for 10 of the 100 highest-performing U.S. feature films released theatrically last year, according to a study released Wednesday by FilmL.A.
Southern California Gas Co. announced Tuesday that it has reached a nearly $120 million settlement with state and regional officials for the methane leak at its Aliso Canyon gas storage field in 2015.
Tuesday, August 7
Walt Disney Co. missed Wall Street estimates on adjusted earnings and fell short on revenue for the fiscal third quarter.
Marcus & Millichap reported higher-than-expected results for the second quarter on both net income and revenue.
Tutor Perini Corp. achieved a record backlog of contracts worth $8.7 billion during the second quarter, with higher-than-expected net income and lower revenue, the company announced Tuesday.
Discovery Inc.’s HGTV network has outbid ‘N Sync singer Lance Bass for the Studio City house that served as the exterior for the home in the popular 1970s sitcom “The Brady Bunch.”
Monday, August 6
A pair of unrelated housing projects in Moorpark garnered City Council approval last fall with the promise of bringing 379 units of much-needed housing online in Ventura County. However, neither project has advanced much, according to a Moorpark Acorn report.
The Bank of Southern California, based in San Diego, has completed its previously announced acquisition of Americas United Bank in Glendale.
A Los Angeles-based biotechnology company led by a primary care physician who runs a clinic in the San Fernando Valley announced Monday that its investigational drug has eliminated all signs of cancer in a pet dog.
Shares of Cherokee Inc. shot up more than 100 percent Monday after the Sherman Oaks-based apparel licensing company announced it has refinanced its debt with a $40 million-dollar loan.
The Valley Economic Development Center on Monday said its chief executive has left, the third person to vacate that post in less than two years.
MORTGAGE LENDING: Firm touts fast closing times for homebuyers.
New mortgage lender in Camarillo.
A group of small retailers feels that escalating rents will ruin the charm they’ve built in Magnolia Park.
Rising rents threaten Burbank small businesses.
New CSUN Athletic Director Michael Izzi plans to extend ‘paths that create revenue streams.’
New CSUN athletic director wants community connections.
AVIONICS: Hydra-Electric celebrates 70 years while moving into new markets.
Burbank switch maker celebrates 70 years.
FINANCE: $350 million to fund either seismic retrofit or new construction.
Bond vote for Antelope Valley Hospital.
LIST: Data indicate strong but slower year for dealers in step with the economy.
With the economy humming along, new car sales in California have a quick start out of the gate this year.
From Burbank to Westlake Village, the coworking format appeals to small companies and solo professionals who want flex space at work.
For professionals who want to pay only for the square footage they need – whether it be a private suite or simply a desk, coworking has exploded in popularity.
A few substantial changes in vacancy rates in the office and industrial sectors while inventory remained low on the industrial side characterized the commercial real estate market during the second quarter, according to statistics provided by Colliers International and conversations with well-placed brokers in the region.
You may have seen recent news accounts about how home sales have slowed nationwide.
Last year, the California State University system turned away more than 30,000 eligible California students.
I enjoyed reading Charles Crumpley’s One More Thing column in the July 9 issue (“Why Not Flip Retail to Residential?”) about trying to help solve the housing shortage in the area, which he believed could be potentially mitigated by using vacant and decaying retail centers.
Rep. Brad Sherman (D - Sherman Oaks) recently spoke at a House Financial Services Committee hearing on the future of money that specifically focused on digital currencies and cryptocurrencies.
HEALTH: Regulations to accelerate tech’s acceptance.
Glendale firm offers digital doctor visits.
ACQUISITION: Discount ticket vendor in talks with hotelier.
Discount ticket seller in buyout talks.
CBD ‘mood enhancer’ helps with recruiting new customers.
NoHo café sells coffee with hemp compound.
UTILITIES: Electric company seeks to solve $4 billion question from Thomas blaze.
Edison’s liability for the Thomas Fire.
TECHNOLOGY: Patent acquisitions work for Camarillo chip maker.
Semtech’s acquisition strategy spurs growth.
Friday, August 3
California Resources Corp. reported a worse-than-expected quarterly loss of $82 million, or $1.70 a share, the Chatsworth oil and gas company announced Thursday.
Los Angeles County Department of Water and Power identified Tutor Perini Corp., the Sylmar construction company, as the low bidder for a $121 million contract to build a tunnel in Burbank.
Shares of MannKind Corp. plummeted more than 20 percent Friday, a day after the company released second-quarter financial results that missed Wall Street estimates for revenue.
Thursday, August 2
Public Storage shares slumped Thursday despite better-than-expected results for the second quarter.
Kaiser Permanente Panorama City announced Thursday that it has appointed Kathy Kigerl as chief administrative officer.
InVia Robotics announced on Thursday it received $20 million in a Series B funding round, bringing its total funding to about $29 million.
Teledyne Technologies, BlackLine and Wesco Aircraft all beat analyst expectations for the second quarter.
Wednesday, August 1
The former president of Pratt & Whitney Rocketdyne has been appointed senior vice president of the space business unit of Aerojet Rocketdyne.
Shares of Cheesecake Factory Inc. dropped more than 12 percent on Wednesday, a day after the company reported second-quarter earnings that failed to meet Wall Street estimates.
Mechanix Wear Inc. will soon expand into one of the largest commercial developments in the Santa Clarita Valley, according to a CoStar Group report.
Glendale online legal technology company LegalZoom.com Inc. on July 31 announced that it completed a $500 million financing round from four investors, its second since the firm’s founding in 2001. With this investment, LegalZoom’s estimated value totals $2 billion.