AROUND THE VALLEYS

SAN FERNANDO VALLEY

Los Angeles County Metropolitan Transportation Authority has added the northwest San Fernando Valley to its ride-hailing service Metro Micro. The authority, known as Metro, said in a release that the new service zone brings a flexible option for riders wanting to connect to destinations such as California State University – Northridge, Northridge Fashion Center mall and major transit lines including the Orange Line and Metrolink’s regional rail service. Metro Micro is operated by Metro employees and is meant to replace short, solo trips that otherwise would be made by driving alone. The trips must begin and end within each service zone. The system is designed to integrate with Metro’s fixed bus and rail services, particularly in areas where frequent bus service is not available, the agency said in the release. Other zones serving the Valley region include North Hollywood/Burbank and Glendale/Highland Park/Eagle Rock.

CALABASAS

Resonate Blends Inc., a cannabis holding company in Calabasas, has signed a letter of intent to acquire Lemon and Grass, a Florida-based cannabis wellness brand. Lemon and Grass sells products such as relief balms, patches and capsules as well as vape cartridges and PAX pods. The products will flank Resonate’s existing product line, Koan Cordials, a liquid made from cannabis and botanical extracts. Lemon and Grass products are distributed to more than 40 dispensaries in Florida. The company also has had product trials in California and has licensing plans for multiple states across the country, as well as for provinces in Canada. “We are building a portfolio of brands focused on cannabis as a part of a productive and intentional lifestyle, while benefiting from synergies through expanded product development resources, technology, operational know-how and distribution,” Resonate Chief Executive Geoff Selzer said in a statement. “This acquisition is the first step of our multi-state expansion plans and supports our strategy of growing both organically through internal development and by acquisition.” Resonate added in a statement that “expansion is expected for both brands in the U.S. and Canada due to the extensive regulatory groundwork already established by the leadership of Lemon and Grass and their vast network of relationships throughout North America.”

VAN NUYS

KKR, a New York investment firm, announced plans to put another $40 million in Jet Edge International, an aircraft charter and management business at Van Nuys Airport. The investment follows the New York firm’s $150 million credit investment announced earlier in the year. The funding will support Jet Edge’s Reserve membership program and rapidly expand its fleet. In August the company announced it would add 16 Bombardier Challengers and 11 Gulfstream G450 aircraft to be delivered by the end of the year. Jet Edge Chief Executive Bill Papariella said the company has successfully executed numerous growth initiatives because of KKR’s initial financing and will continue to build its platform with the new investment. “This financing speaks to KKR’s continued confidence in our business plan to deliver scaled private aviation solutions and we look forward to being able to provide even more clients unique access to our industry-leading fleet across all major markets in the United States,” Papariella said in a statement.

 SANTA CLARITA VALLEY 

The Retreat, 148-unit apartment complex in Santa Clarita, has sold for $54.1 million, according to Calabasas-based brokerage Marcus & Millichap Inc., which negotiated the sale. The property at 22900 Oak Ridge Drive has an average unit size of 972 square feet. Amenities include two pools, outdoor lounge spaces, fire pit, barbecue area, fitness center, clubhouse, business center and a recently completed dog park. The price represents $365,540 per unit. Institutional Property Advisors, a subsidiary of Marcus & Millichap, handled the deal with IPA’s Executive Director Kevin Green and the firm’s Joseph Grabiec and Greg Harris representing the seller, a private Los Angeles owner, and procured the buyer, an Orange County-based private family. “We ran an extremely competitive process that saw both institutional and private capital competing,” Green said in a statement. “The winning bidder was a private family office that saw heightened value in the stabilized nature of the asset combined with a proven and executable renovation strategy that could be replicated.” Michael Derk, executive managing director capital markets at IPA, arranged the deal’s financing.

 TRI-CITIES

GLENDALE

Applebee’s Neighborhood Bar and Grill, a restaurant chain owned by Glendale-based Dine Brands Global Inc., announced a new partnership with PepsiCo to serve an exclusive Mountain Dew flavor to customers of the Glendale-based restaurant chain. “We are absolutely thrilled to bring Mtn Dew Dark Berry Bash exclusively into our restaurants and treat everyone to a new, one-of-a-kind Dew flavor,” Patrick Kirk, vice president of beverage innovation at Applebee’s, said in a statement. “A deep blue carbonated drink with dark berry flavors – yeah, it tastes like you’re surfing cosmic waves.” The new soda was made available at 1,500 Applebee’s locations nationwide ahead of National Cheeseburger Day on Sept. 18, allowing guests can try the exclusive flavor alongside handcrafted burgers. 

Loop Media Inc. launched a month-long programming initiative to celebrate Hispanic Heritage Month staring Sept. 15. The Glendale short form video distributor is offering Unidxs en Esperanza (United in Hope) to both its business customers and direct to consumers via the Loop Mobile app. The Unidxs en Esperanza campaign will run through Oct. 15, aligning with the federal government’s Hispanic Heritage Month. Darcy Fulmer, head of music at Loop Media, called the campaign a celebration of musical diversity in Latin culture. “Through the Out of Home Loop Player, Loop’s mobile app and (connected televisions), we will share the experiences of the Latinx community with our Out of Home and direct to consumer audiences, which together number in the millions,” Fulmer said in a statement. The Out of Home service targets clientele of bars and restaurants, nail and hair salons, medical offices, college campuses, clothing and shoe retailers and airports.

 VENTURA COUNTY

CAMARILLO

Glass House Brands has purchased the former Houweling’s Tomatoes property near Camarillo for $93 million in cash and stock considerations. The Long Beach cannabis company bought the 160-acre property in Ventura County for less than the original asking price of $118 million, Glass House said in a release. The property in unincorporated Ventura County at 645 W. Laguna Road consists of six greenhouses and two packing houses totaling about 5.5 million square feet. The seller was Houweling’s Tomatoes, which shut down its tomato and cucumber growing operation starting early in August and laid off nearly 500 employees. The new owner plans to renovate the property, starting with two of the six greenhouses. Upgrades to the buildings will include automated nutrient delivery and irrigation systems; an improved HVAC system to optimize climate conditions; and installation of black-out curtains, a high-density gutter system, dry rooms and processing facilities. The upgrades are expected to be completed in the first quarter of next year.

SANTA PAULA

Santa Paula-based avocado company Calavo Growers has announced the appointment of Mariela Matute as its chief financial officer, effective Oct. 11. Matute was the director and chief financial officer for Amazon Business prior to her appointment. In the business-to-business online procurement division of Amazon.com Inc., she managed a 70-person team. Matute’s experience in finance, food production and agriculture qualifies her for the new role, according to Calavo Growers Chief Executive Steven Hollister. “In addition, she also has deep experience and exposure to Mexico and Latin America, having served as CFO of Driscoll’s Americas region, which spanned from Canada to Chile. Her broad skill set will benefit the company and all its many stakeholders,” Hollister said in a statement. Matute will transition to her new job as Interim Chief Financial Officer Farha Aslam will step down from the position and return to her role as independent director on Calavo’s board.