Stories for February 2018

Wednesday, February 28

MannKind Stock Falls After Announcement of Stock Sale

Shares of MannKind Corp. fell about 7 percent Wednesday following the company’s latest earnings report and its announcement of a $50 million stock sale.

Tutor Constructs Big Quarter; Stock Pops

Shares of Tutor Perini Corp. rose nearly 11 percent Wednesday following the release of the Sylmar-based construction firm’s fourth-quarter earnings, which beat Wall Street expectations.

New Survey: Disneyland Employees Report Low-Pay Hardships

Disneyland may be the Happiest Place on Earth for visitors, but low wages have caused homelessness, hunger and financial woes for its employees, according to a report released on Feb. 28.

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Tuesday, February 27

Moorpark Warehouse Sells for $6.13 Million

VZD Industrial Investments LLC has purchased a warehouse at 14399 Princeton Ave. in Moorpark for $6.13 million, according to CoStar Group.

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Community Bank Acquired for $878 Million

Ontario-based CVB Financial Corp. has agreed to buy Pasadena-based Community Bank for $878 million in cash and stock, the two bank institutions announced Monday.

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Semtech to Sponsor Internet of Things Competition

Semtech Corp. will host a competition for engineers and technologists to use its long-range wireless technology in new design ideas, the company announced Tuesday.

Comcast Bid Could Disrupt Disney Deal for Fox

Comcast Corp. has offered $31 billion to acquire a British satellite TV network in a deal that could disrupt 21st Century Fox’s plan to sell its stake in venture to Burbank-based Walt Disney Co.

Monday, February 26

Apollo Medical Adjusts Fiscal Year

Apollo Medical Holdings Inc. has changed the end of its fiscal year from March 31 to Dec. 31 on account of its merger with Network Medical Management Inc., the Glendale health management company announced Monday.

California Resources Narrows Loss in Q4

California Resources Corp. had fourth-quarter losses below what Wall Street analysts expected, the company announced Monday.

Genesis Capital Doubles Footprint With Sherman Oaks Lease

Genesis Capital LLC has inked a lease to double its current office space, according to Lee & Associates-LA North/Ventura Principal Darren Casamassima, who represented Genesis in the transaction.

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Friday, February 23

Revenue Keeps Growing at American Homes 4 Rent

American Homes 4 Rent increased its revenue for the fourth quarter and full year, the company announced Thursday.

Radio Station to Revive LAist Website

Local news website LAist, which has been shut down for about four months, will be revived under a new owner.

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North Hollywood Warehouse Sold for $6.15 Million

An industrial complex at 13401 Saticoy St. in North Hollywood has sold for $6.15 million to Regent Commercial Holdings LLC, according to brokerage Lee & Associates-LA North/Ventura.

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Thursday, February 22

Immunocellular May Seek Buyer, Merger

Immunocellular Therapeutics in Calabasas has announced that it is on the hunt for a buyer.

Kaiser Permanente Workers Stage Protest in Woodland Hills

Health care workers staged a protest at Kaiser Permanente’s Woodland Hills hospital on Thursday in response to the company’s plan for layoffs at its call center there. “We’re out here today for our patients and to help our co-workers keep our jobs,” Danielle Gavison, a 15-year employee of Kaiser’s Woodland Hills call center, told the Business Journal.

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B. Riley Hires Institutional Investment Head

B. Riley FBR, an investment bank and subsidiary of B. Riley Financial Inc. in Woodland Hills, has hired Daniel Leland as head of Fixed Income Capital Markets, the company announced Thursday.

Wednesday, February 21

Cheesecake Meets Wall Street Expectations in Q4

Cheesecake Factory Inc. released on Wednesday its financial results for the fourth quarter and full year of 2017.

Chatsworth Industrial Property Sells for $6.6 Million

After outgrowing its Sun Valley facility, Stratton and Sons has acquired a Chatsworth industrial property with room to grow for a price of $6.6 million.

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Jobs Forecast Predicts Modest Growth

Los Angeles County is expected to add about 48,000 jobs this year and 34,000 next year, making for a modest growth rate of around 1 percent, according to a forecast to be released Feb. 21 by the Los Angeles County Economic Development Corp.

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Glendale Accounting Firm Takes New Name

Business accounting firm Sadd Velazquez Higashi Shammaa LLP has changed its name to the Accountancy, the Glendale company announced Wednesday.

Tuesday, February 20

Simi Valley’s Erringer Plaza Sells for $4.3 Million

Erringer Plaza in Simi Valley has sold for $4.3 to Laurence Michael of Los Angeles, according to Costar Group.

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Antelope Valley Lawmakers Sponsor Water Rate Reform

Two Antelope Valley lawmakers have sponsored legislation to bring changes to how the California Public Utilities Commission sets rates for investor-owned water companies.

DineEquity Changes Name, Beats Street

DineEquity Inc. in Glendale is now Dine Brands Global Inc., the company announced with the release of its full-year and fourth-quarter financial results on Tuesday. The firm reported better-than-expected earnings and revenue for Q4, sending its stock up more than 15 percent to its highest price in a year.

Warner Atrium Changes Hands for $28 Million

Warner Atrium, a 128,762-square-foot office building in Woodland Hills, has sold for nearly $28 million to Sandstone Properties Inc., according to the brokerage division of Kennedy Wilson.

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Monday, February 19

Adventist Health to Transfer Workers to Cerner Corp.

A state report lists nearly 1,200 pending layoffs at Adventist Health hospitals across the state, including hundreds at Adventist Health Glendale and Adventist Health Simi Valley.

Personal Injury Attorney Opens Burbank Office

Personal injury lawyer Joshua Glotzer has opened a new office in Burbank.

Commons at Valencia Gateway Sold for $33 Million

Harbor Associates LLC announced Monday that the investment firm, in a joint venture with Goldman Sachs Asset Management Private Real Estate, has acquired the Commons at Valencia Gateway in a $33.1 million cash deal.

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Ares Management Joint Venture Cuts CRC Debt

ENERGY: Power plant deal provides oil producer with $750 million in cash.

California Resources Corp. forms joint venture on natural gas power plant.

All Eyes on Warby Parker’s New Glendale Store

OPENING: Upscale eyeglass and sunglass shop features original mural.

Warby Parker opened its sixth location in Los Angeles on Jan 27.

Concentra Pink Slips Workers Post-Acquisition

EMPLOYMENT: Streamlining will eliminate positions at U.S. HealthWorks.

Roughly 160 workers at the Valencia headquarters of U.S. HealthWorks are facing layoffs this year on account of the occupational health provider’s acquisition by Select Medical Holdings Corp. subsidiary Concentra Inc., according to a notice filed with the California Employment Development Department on Feb. 6.

Technology Debuts Inside Camera at Panavision

EQUIPMENT: Feedback from cinematographers shaped product development.

Panavision Inc. introduced a new camera early this month at a trade expo in London.

Street-Savvy Advisor

Skills learned as a kid in Detroit have served Lee Kanon Alpert as a negotiating attorney.

alley attorney and mediator Lee Kanon Alpert talks about his path to legal career.

Cash in Search of a Bank

State Sen. Bob Hertzberg wants to bring banking services to cannabis businesses.

Pot Lawyers: Higher Demand

Recreational marijuana is legal but regulated — and cannabis entrepreneurs need attorneys to figure out the details.

Recreational marijuana has come to California and businesses need of legal services.

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Reseda Opts For Rehab

DEVELOPMENT: Apartment groundbreaking is first step in a neighborhood turnaround.

Gelt Inc. teams with Chinese investor to build mixed-use project to help revitalize Reseda.

The Number

9.8% Apartment rent increase in Lancaster last year

Why are rents going up in Lancaster? Look at who’s hiring.

Little Piggies Find Safety At Shelter

Chatsworth nonprofit specializes in rescue of cuddly guinea pigs.

A one-of-a-kind guinea pig rescue in Chatsworth.

Decades Delay For E-Device

Medical device maker Endonovo begins sales of post-surgery product.

Mass Appeal Of Hair Line

Calabasas company rolls out hair care products at mass retailers.

Produce Powerhouse

Combination of Dole Food and European investor will deliver ‘synergies for both players.’

Dole Food Co. backs down from IPO, decides to sell stake in business to an Irish firm.

Tri-Cities Office Sales Up

REAL ESTATE: Entertainment tenant influx boosts values.

The office market is heating up in the Tri-Cities.

Can Local Be the New Global?

The importance of global trade.

California’s Version of Brain Drain

Housing shortage hurts Valley businesses.

Calendar

Calendar of Events

Around the Valleys

News and notes from the greater San Fernando Valley

Residential Prices Hit Record Highs in 2017

HOUSING: Average Valley home costs $643,000, surpassing 2007 figure.

House and condo prices reached record highs in the San Fernando Valley and the cost of Santa Clarita Valley home ownership also rose in 2017, according to annual reports released by Southland Regional Association of Realtors.

New Tax Regs Fuel Flurry at Accounting Firms

LIST: Reform presents a chance for companies to analyze their books.

Tax reform expected to bring more business to Valley accountants.

Friday, February 16

Preview: Tri-Cities Office Sales Up

Entertainment tenant influx boosts values.

Preview: Pot Lawyers: Higher Demand

Recreational marijuana is legal but regulated -- and cannabis entrepreneurs need attorneys to figure out the details.

Missile Defense Contract Adds $46 Million to Teledyne Revenues

Teledyne Brown Engineering Inc. has received a $45.7 million contract from the U.S. Army Space and Missile Defense Command to provide missile defense modeling and simulation software.

Tutor Perini Partnership Lands $1.4 Billion Airport Contract

A joint venture between civil construction firm Tutor Perini Corp. in Sylmar and Washington, D.C.-based Parsons Transportation Group Inc. has won a $1.4 billion contract for a major redevelopment project at Newark Liberty International Airport in Newark, N.J.

Valencia Shopping Center Sold for $9.8 Million

A 45,429-square-foot retail center in Valencia has sold to a private investor for $9.8 million, or nearly $216 a square foot, according to Colliers International.

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Thursday, February 15

Job Fair for Veterans Attracts Hundreds

On Thursday, the Valley Economic Alliance hosted its 11th Annual Hero Hired Veteran Job and Resource Fair, a vocational event aimed at encouraging Valley-area employers to hire military veterans.

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Report: Gas Moratorium Pulled From CPUC Agenda

The president of the California Public Utilities Commission has withdrawn from consideration a temporary moratorium on new natural gas hookups in Los Angeles County, according to media reports.

BlackLine Exceeds Expectations in Q4

BlackLine Inc. beat Wall Street estimates on adjusted earnings and revenue in the fourth quarter.

Harbor Freight Owner Donates $50 Million for Heart Research

The owner of Harbor Freight Tools has donated $50 million to Cedars-Sinai to create an institute for research and innovative practices in cardiology and cardiovascular surgery.

Conejo Corporate Campus Sold for $23 Million

Conejo Corporate Campus, the former Thousand Oaks headquarters of Amgen Inc., has sold a joint venture between Harbor Associates LLC and Blue Vista Capital Management.

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Wednesday, February 14

Englander: It’s Time to Trash RecycLA

Los Angeles City Councilman Mitch Englander has filed a motion with the city attorney’s office asking to look for a way out of L.A.’s mandatory recycling program, called RecycLA, citing complaints from businesses and residents about soaring costs and poor service.

Simi Valley’s Stonegate Plaza Sells

Stonegate Square, a class B office building located at 1965-1985 Yosemite Ave. in Simi Valley, sold for $2.9 million, or $180 a square foot, in a deal closed Jan. 24.

NetSol Swings to Positive Earnings

NetSol Technologies Inc. on Tuesday reported profits equal to 6 cents a share – well up from last year’s loss equal to -20 cents a share – for the fiscal second quarter that ended Dec. 31.

Glendale Hotel Financing Set

Dallas-based Hall Structured Finance announced on Tuesday the company will finance the construction of the Aloft hotel in Glendale for $17.6 million.

Tuesday, February 13

Semtech Selected for Smart Irrigation System

Technology from Semtech Corp. is part of a new system by WaterBit for precision irrigation in agriculture, the company announced Tuesday.

Mexican Food Takes Center Table on Princess Cruise

Princess Cruises on Monday announced a Culinary Cruise that will leave Los Angeles and focus on Mexican cuisine.

Pepperdine, Venture Alliance Launch 'Fundable' Startup List

The Pepperdine Graziadio School of Business, in partnership with the Venture Alliance, is launching an initiative to better prepare startups for investment funding.

Monday, February 12

Teledyne Unveils Air Particulate Meter

Air quality instrumentation manufacturer Teledyne API has released a new product that can measure fine particulate matter that creates reduced visibility and haze in urban areas.

Federal Budget Law a Plus for Capstone

Capstone Turbine Corp. announced that its personnel worked the federal Investment Tax Credit for microturbines and combined heat and power projects that was extended for two in the new tax legislation.

L.A. County Hotel Sales Hit $1.7 Billion in 2017

Los Angeles County hotel sales reached a record $1.7 billion in 2017, according to a year-end report by Irvine-based Atlas Hospitality Group, a real estate agency specializing in hotel sales.

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Report Finds Entertainment, Digital Employment Gains

Employment in the entertainment industry in Los Angeles and Orange counties grew 19.6 percent from 2006 to 2016, outpacing 4 percent growth across all industries in the area over the 10-year period, a new report found.

Friday, February 9

PennyMac Profits Soar in Q4

Shares of PennyMac Financial Services Inc. moved higher Friday, one day after the company reported fourth-quarter and full-year results.

Chatsworth Apartment Complex Fetches $45 Million

Cielo Apartments, a 119-unit multifamily property in Chatsworth, has sold for $45 million, or more than $378,000 per unit, to an undisclosed private multifamily investment firm.

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Lee & Associates Promotes Four to Principal Status

Commercial real estate brokerage Lee & Associates-LA North/Ventura has promoted four agents to principal status, growing its team of senior brokers to 29.

Metro Plans Warner Center Bus Route

The San Fernando Valley Service Council of the Los Angeles County Metropolitan Transportation Authority has recommended a new circulator bus route connecting the Orange Line with Warner Center.

Thursday, February 8

Wesco Beats Estimates for Earnings, Revenue

Wesco Aircraft Holdings Inc. beat Wall Street estimates on adjusted earnings and revenue in the fiscal first quarter.

B. Riley Raises Startup Capital for Infinity Bank

B. Riley FBR Inc. on Wednesday announced it acted as the sole placement agent for Infinity Bank in its $33 million equity capital raise. The transaction closed on Feb 1.

Salem Names First VP for Contemporary Christian Programming

Salem Media Group in Camarillo has named Mike Blakemore to the new position of vice president of programming for its contemporary Christian music stations.

Utilities Commission Again Postpones Gas Moratorium Vote

The California Public Utilities Commission has postponed for a second time voting on a proposed temporary moratorium on new natural gas hookups in Los Angeles County.

Calabasas Office Property Sells for Nearly $9 Million

An office building in Calabasas has sold for $8.95 million to a local private investor, according to brokerage firm CBRE.

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Wednesday, February 7

Woodbridge Reaches Settlement, Names New Management Team

Woodbridge Group of Cos. has reached a settlement with its creditors and the Securities and Exchange Commission, and the company has named a new chief executive to steer the company out of Chapter 11 bankruptcy.

California Resources Corp., Ares Management Form Joint Venture

California Resources Corp. has entered into a joint venture to own the Elk Hills power plant near Bakersfield.

Conejo Valley Shopping Center Sold for $5 Million

PCI Commercial Realty Group closed the $5 million sale of an 8,000-square-foot shopping center in Thousand Oaks, where an undisclosed buyer purchased the property from Century City’s Marks Family, according to Costar Group.

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Canadian Telecom Buys Xavient in Simi Valley

Telus Communications Inc., a major wireless communications provider in Canada, has acquired Xavient Information Systems Inc. in Simi Valley. Financial terms of the transaction were not disclosed.

Tuesday, February 6

Reports: Billionaire Patrick Soon-Shiong to Buy L.A. Times

Los Angeles biotech billionaire Patrick Soon-Shiong is buying the Los Angeles Times and San Diego Union-Tribune, according to news reports.

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Mission Valley Bank Reports Strong Year

Mission Valley Bancorp reported net earnings of $3.55 million ($1.07 per share), the highest profits in the history of the Sun Valley bank.

NoHo Apartment Complex Sold for Record $643K Per Unit

A North Hollywood apartment complex has sold for $643,000 per unit, a record price for the NoHo market, according to listing brokerage Marcus & Millichap.

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MannKind Taps Eli Lilly Scientist

Former Eli Lilly & Co. executive Dr. David Kendall has been appointed chief medical officer at MannKind Corp., the Westlake Village biotech announced Tuesday.

Theme Parks, Films Push Disney Profits Higher in Quarter

Walt Disney Co. beat Wall Street forecasts on earnings but just fell short on revenue in the fiscal first quarter.

Monday, February 5

Capstone Loss Less Than Wall St. Expectations

Capstone Turbine Corp. reported a small net loss on Monday for the third fiscal quarter that beat analyst expectations.

Apollo Medical Gains Data for 100K Patients

The population health management subsidiary of Apollo Medical Holdings Inc., Network Medical Management, has reached an agreement with a Pasadena-based clinic network that will add the data of more than 100,000 patients to Network Medical’s platform.

Second Sight Implants Increase in Q4

Second Sight Medical Products Inc. announced Monday that it tripled the number of implants of its prosthetic eyesight device in the fourth quarter over the same period the previous year, sending the company’s stock up almost 13 percent against sharp losses for the market overall.

Report: Comcast May Bid Against Disney for Fox Assets

Comcast Corp. is interested in making a bid for media assets of 21st Century Fox, according to a media report.

Dow Drop Hurts Valley Companies

The Dow Jones Industrial Average experienced its largest ever one-day decline Monday, taking down Valley company stocks in the process.

Recoup From A Ponzi Past?

LAW: After bankruptcy, lawsuit, Woodbridge tries a turnaround.

Real estate firm tries to turn around after Ponzi scheme lawsuit.

Cannabis Landlords

Bob and Lisa Selan’s developments would provide turnkey opportunities for marijuana growers.

Married attorneys developing space for cannabis growers.

Race for the Electric Truck

AUTOMOTIVE: Thor plans to get a jump on the giants of the alternative vehicle industry.

North Hollywood startup building an electric truck.

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The Number

4.8% Retail vacancy in San Fernando Valley

Heart Doctor Advocates a Vegan Diet

New book, speaking engagements promote plant-eating lifestyle.

Heart doctor promotes vegan lifestyle.

Drone Market Looking Up

AeroVironment Inc. developing drones as flying communications satellites.

Club Cues Music in Valencia

ENTERTAINMENT: Canyon adapts to family-friendly market.

Concert promoter opens new venue in Santa Clarita.

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Shooting Our Own Eye Out

California, don’t shoot your eye out with business unfriendly tactics.

Down in the Dumps Over Garbage Law

New trash collection rules will impact small businesses.

Calendar

Calendar of Events

Around the Valleys

News and notes from the greater San Fernando Valley

Office Market Flourishes in the East Valley

Real Estate Quarterly Special Report

San Fernando Valley’s office market last year was about on par with 2016’s as the market closed the fourth quarter with 12 percent vacancy, down slightly from 12.5 percent the previous year, according to data from Colliers International.

A Sporting Chance for Promenade 2035 Project

Westfield Group talking with sports teams for Promenade 2035 project.

Remodel Wave Hits Hospitality

Renovations can expand target markets and raise rates.

Hotel remodels in the greater Valley area.

Hotels on the Horizon

With demand up, hospitality companies are building new lodging destinations.

New hotels being built to meet needs of tourists, business people.

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Business Improvement Districts Seek Better Year

LIST: Programs emphasize marketing and events to keep retailers, customers.

Business improvement districts look to marketing, events to help retailers.

Valley Presbyterian Foundation Elects Chairman

HEALTH: PR exec Anthony Tartaglia wants more publicity for provider.

Valley Presbyterian Hospital Foundation has appointed Anthony Tartaglia as chairman of the board.

Opioid Epidemic Prompts Cliffside Expansion

TREATMENT: Addiction center opens new facility in Sherman Oaks.

Addiction treatment center Cliffside Malibu has expanded its operations into the San Fernando Valley with an outpatient clinic in Sherman Oaks.

Semtech Shows Off Wireless Charging at CES

TECHNOLOGY: Consumers can access convenience with plug-free device.

Representatives from Semtech Corp. attended last month’s Consumer Electronics Show in Las Vegas to show off the company’s wireless charging technology.

Virtual Real Estate

After leaving a television career, Anna Singleton learned how a new type of video could sell luxury homes.

Singleton sisters enter 3D home tour market.

Chief Thrill Rider

Neal Thurman has spent his career at amusement parks. Now he’s running year-round Six Flags Magic Mountain.

Q&A: Neal Thurman, the new president of Six Flags Magic Mountain.

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Friday, February 2

Pair of Glendale Multifamily Properties Sell for $33.6 million

In residential real estate, Glendale continues to grab the attention of buyers as two multifamily properties brought in a combined $33.6, according to Costar Group.

Chinese Investment Firm Pays Nearly $46 Million for Valencia Apartments

Gemdale USA has closed a deal in Santa Clarita Valley to buy The Madison apartments at Westfield Valencia Town Center for $45.9 million, or more than $353,000 per unit, according to Costar Group.

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Preview: Hotels on the Horizon

Although tourism is at an all-time high in the Los Angeles market, the San Fernando Valley region finds itself playing catch-up to get a piece of that action.

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Preview: Recoup From a Ponzi Past?

Woodbridge Group of Cos. in December made headlines after it filed for Chapter 11 protection and was subsequently sued by the Securities and Exchange Commission for allegedly running a billion-dollar Ponzi scheme.

Preview: Club Cues Music in Valencia

Owner of Canyon in Agoura Hills tweaks marketing tactics for new Santa Clarita venue.

Thursday, February 1

Dole Food to Merge With Total Produce

Dole Food Co. is set to merge with European fresh produce distributor Total Produce following a $300 million deal that will see Total Produce buy a 45 percent stake in the Westlake Village company from owner David H. Murdock.

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Amgen Falls Short in Fourth Quarter

Amgen Inc. released fourth-quarter and full-year financial results that missed Wall Street expectations on both earnings and revenue, after which its stock slipped in after-hours trading.

Intercontinental Purchases Connexion Burbank for $125 Million

Intercontinental Real Estate has purchased the Connexion Burbank complex at 303 N. Glenoaks Blvd. for roughly $125 million, or $370 per square foot, according to Costar Group.

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LTC Acquires Assisted Living Facility in $10 Million Joint Venture

LTC Properties Inc. on Thursday announced a $10 million joint venture with an affiliate of Affinity Living Group.

Teledyne Reports Record Year

Teledyne Technologies Inc. beat Wall Street estimates on earnings and revenue for the fourth quarter, leading the company to a record year.