Stories for July 2017

Monday, July 31

L.A. to Host 2028 Olympics

Los Angeles will be the host city of the 2028 Summer Olympics, a post on the International Olympic Committee website announced Monday.

Tease photo

IHOP Launches First Food Truck

IHOP Restaurants has launched a cross-platform marketing campaign – complete with the company’s first food truck – to advertise its new French toasted donuts.

SetPoint Medical Hires Clinical Exec

SetPoint Medical on Monday announced that it has appointed Terry Bevirt as vice president of clinical affairs.

Friday, July 28

Valley Volunteer Ken Worthen Dies

Kenneth Worthen, a San Fernando Valley resident who was involved with local chambers of commerce and charities, passed away Sunday.

Lancaster Apartments Sold for Record Price

A 200-unit apartment complex in Lancaster has sold at a record price for the greater region, according to commercial real estate brokerage firm Mogharebi Group in Costa Mesa.

Market Pushes Up Price of Sun Valley Building

An older industrial building has traded hands in Sun Valley for one of the highest prices in the area, according to Lee & Associates-LA North/Ventura.

Thursday, July 27

VEDC Loses Chief Executive

Two executives at the Valley Economic Development Center are no longer with the organization, the Business Journal has confirmed.

Sienna Shares Rise on IPO Day

Sienna Biopharmaceuticals Inc. debuted on the Nasdaq Thursday with its shares gaining nearly 30 percent on its first day of trading.

BYD Lands $48 Million Metro Contract

The board of the Los Angeles County Metropolitan Transportation Authority awarded a contract Thursday to BYD Motors Inc. to build 60 all-electric buses at its factory in Lancaster.

Public Storage Tumbles on Lower Earnings

Stock prices of Public Storage in Glendale tumbled nearly 6 percent Thursday on second-quarter earnings and revenue that fell short of analysts’ expectations.

Wednesday, July 26

HemaCare to Relocate to Larger HQ

HemaCare Corp. in Van Nuys plans to relocate its headquarters to Northridge to make room for growth, the company announced.

AeroVironment Sells Drones to Aussie Military

AeroVironment Inc. formally signed contracts on Tuesday to deliver its Wasp drone to the Australian military starting next year.

On Assignment Misses Q2 Estimates

On Assignment Inc. increased its earnings and revenue in the second quarter but still fell short of analyst expectations.

Tuesday, July 25

Valley Home Prices Break Record Again

Prices for condominiums in the San Fernando Valley broke records again in June, the second month in a row, according to the Southland Regional Association of Realtors.

CRC Gains 14 Percent on Higher Oil Prices

California Resources Corp. stock rose more than 14 percent Tuesday, spurred by higher oil prices and lower U.S. reserves.

Amgen Tops Wall St. Expectations

Amgen Inc. beat Wall Street’s expectations on Tuesday with its second-quarter financial results.

Avery Dennison Reports Sales Growth

Avery Dennison Corp. saw net income of $120 million in the second fiscal quarter, the Glendale labels and adhesive materials manufacturer disclosed Tuesday in filings with the Securities and Exchange Commission.

Monday, July 24

L.A. County Sues to Stop Reopening of Aliso Canyon

Attorneys for Los Angeles County have filed a request with the Superior Court of California to halt the reopening of the Southern California Gas Co.’s natural gas facilities at Aliso Canyon, the site of a methane leak that forced more than 8,000 residents from their homes in late 2015.

Scorpion Buys N.Y. Marketing Firm

Scorpion on Monday announced the acquisition of Driven Local, a New York based digital marketing company.

MGA’s New Toy: Little Green Men

MGA Entertainment Inc. has unveiled a new toy line called Awesome Little Green Men.

Big Valley Players Just Keep Getting Bigger

LIST STORY: Who’s on top.

Pain of Going Public

Despite regulatory costs, some Valley small-caps still trade publicly.

REGULATION: Small cap companies and the challenges of being public.

Tease photo

Public Companies: DineEquity Inc.

Special Report: Focus on companies.

Public Companies: Teledyne Technologies Inc.

Special Report: Focus on companies.

Public Companies: Cheesecake Factory Inc.

Special Report: Focus on companies.

Public Companies: Public Storage

Special Report: Focus on companies.

Bicoastal Boss

Connie Tang runs a Massachusetts marketing firm from her Thousand Oaks home. She hopes her book will inspire other unconventional entrepreneurs.

Connie Tang, chief executive of direct marketing firm Princess House Inc., has authored her first book.

Princess Adds Cruise Ships to ‘Medallion’ Fleet

TOURISM: Wearable device provides vacationers with digital concierge service.

Santa Clarita cruise company Princess Cruises, a subsidiary of Carnival Corp., has added to its line of ships featuring wearable “Ocean Medallion” devices.

Valley Creatives Gather at San Diego Comic-Con

CONVENTION: Annual trek yields merchandise sales, celebrity appearances.

The annual Comic-Con International took place this month at the San Diego Convention Center and featured a number of San Fernando Valley area companies in the exhibit hall.

Apartment Killer

With the advent of Measure JJJ, developers often find it’s simply too expensive to build the types of housing the Valley needs.

Developers respond to Measure JJJ by cancelling land deals and building projects.

Sienna Biopharmaceuticals IPO Seeks $64 Million

BIOTECH: Westlake Village startup features former Kythera, Amgen execs.

Sienna Pharmaceuticals, the offspring of successful local pharma companies, files to go public.

Ready for The Big One?

TECHNOLOGY: That’s the question Alan Farber asks when selling his emergency phones.

AdaptConn hopes to sell its satellite phones for the should-it-happen Big One.

The Number

Valley region businesses sold in April

April was a hot time for trading of Valley businesses.

Galpin CEO Enters Ford’s Hall of Fame

Bert Boeckmann first to receive ‘Top Volume Dealer’ honor.

Galpin Ford wins top recognition from Ford Motor Co.

Repeal for L.A.’s Double Tax Deadline?

Valley councilmen propose consolidating books on April 15.

Unifying tax deadlines is the goal of two L.A. city councilmen.

This Bud’s for Summertime in California

King of Beers puts on seasonal state-centric packaging, marketing.

Annheuser-Busch channels California in its beers.

A Market for Web Influence

INTERNET: Vity connects social media celebs with ad dollars.

Vity matches social influencers with advertisers.

Newhall Homes On the Horizon

CONSTRUCTIION: L.A. County approves 5,500 new houses.

Big wins for Newhall Ranch’s first two subdivisions.

Upgrades Along the 101

Commercial projects proliferate at the narrowest stretch of the Conejo Valley

Real Estate Focus: Agoura Hills

Why Calabasas Nixed Council Vote

A view on why Calabasas residents overturned council vote on hotel and homes project.

Park and Ride or Sit in Traffic?

Businesses – keep watch of Measure M to ensure it rolls out as planned.


Calendar of Events

Around the Valleys

News and notes from the greater San Fernando Valley

Apartment Owner Expands Management Staff

MULTIFAMILY: New hires at MWest Holdings to handle maintenance, construction.

MWest Holdings of Sherman Oaks, which buys and renovates apartment communities, is growing its property management division to oversee operations of other apartment landlords.

Friday, July 21

L.A. County Unemployment Holds at 4.4 Percent

L.A. County’s unemployment rate remained unchanged in June from May’s record low 4.4 percent as a seasonal drop in education payrolls offset modest hiring in other sectors.

Simi Medical Building Sold

Rand Medical Building in Simi Valley has sold for $2.9 million, according to commercial brokerage Marcus & Millichap in Calabasas.

Preview: Pain of Going Public

Running a public company – once the Holy Grail of entrepreneurial success and prestige – has become a fading star with the diminishing light especially apparent in markets such as the Valley region.

Preview: Apartment Killer

Home builders have a message for the city of Los Angeles: it’s been a good run, but we’re moving on.

Real Profits in Real Estate

Marcus & Millichap tops list of most profitable local public companies.

Thursday, July 20

FDA Accepts Amgen's Aimovig Application

Amgen Inc. on Thursday announced that the U.S. Food and Drug Administration has accepted the biologics license application for Aimovig, a drug for prevention of migraine.

KB Home Buys Van Nuys Subdivision

Storm Properties has sold a development project for 58 houses in Van Nuys to KB Home, the company announced Thursday. Financial terms of the transaction were not disclosed.

Former Ginnie Mae Exec Joins PennyMac Board

Theodore W. Tozer, the former president of the Government National Mortgage Association or Ginnie Mae, will join the board of PennyMac Financial Services Inc., the company announced Wednesday.

Wednesday, July 19

New Name for Performing Arts Center: ‘The Soraya’

The Valley Performing Arts Center, a 1,700-seat venue located on the campus of California State University Northridge, has been renamed the “Younes and Soraya Nazarian Center for the Performing Arts” in recognition of a $17 million gift from the Nazarian family.

Expanding FloQast Creates Exec Position

FloQast Inc. on Tuesday announced the appointment of Rob Feinstein as vice president of product.

Tuesday, July 18

Massive Newhall Ranch Project Wins Approvals

Half of the massive Newhall Ranch development project sailed through approvals Tuesday at a public hearing by the Los Angeles County Board of Supervisors.

Warner Center Office Building Sold

Younan Properties Inc. has purchased Burbank Corporate Center at 21900 Burbank Blvd. in Woodland Hills, the company announced Tuesday. Financial details of the transaction were not disclosed.

Amgen Collaboration on Cancer Drugs

Amgen Inc. on Tuesday announced a collaboration agreement with Array BioPharma for development of drugs for autoimmune disorders.

Monday, July 17

BYD Signs Jobs Agreement at Lancaster Plant

BYD Motors Inc. announced Monday signing a community benefits agreement with Jobs to Move America to create job opportunities for underserved people at the company’s Lancaster manufacturing plant.

MannKind Names CFO

MannKind Corp. on Monday announced that Steven Binder has joined the company as chief financial officer.

Friday, July 14

Salem Buys Finance Site TradersCrux

Salem Media Group in Camarillo has added investment information website TradersCrux to its growing portfolio of financial advisory services.

Sotheby’s Realty Opens in Calabasas

Wish Sotheby’s International Realty will open its fourth office next week in Calabasas, according to the company.

Downtown Lancaster Named a Cultural District

Downtown Lancaster has been designated as a state cultural district by the California Arts Council.

Thursday, July 13

Valley Plastic Firms Settle With EPA

A pair of Valley plastic product manufacturers have reached settlements with the Environmental Protection Agency over violations of the Clean Water Act.

Teledyne Acquires Pump Manufacturer

A subsidiary of Teledyne Technologies Inc. has acquired a Pennsylvania manufacturer of precision components and subassemblies, it was announced Thursday.

Quixote Studios Buys Sun Valley Building

Quixote Studios, a national provider of soundstages, equipment and vehicles for film and television in Los Angeles, has bought a more than 60,000-square-foot industrial building in Sun Valley it currently rents and occupies, the company announced.

Filming Up in Santa Clarita

Santa Clarita issued 545 on-location film permits in its recently completed 2016-17 fiscal year, the fourth year in a row the city has recorded more than 500 permits.

Wednesday, July 12

FDA Approves Amgen Leukemia Drug

Amgen Inc.’s leukemia drug Blincyto has received full approval from the U.S. Food and Drug Administration, the company has announced.

Salem to Air Shows from White House

Salem Media Group will host a special broadcast from the White House on July 25, the company announced Wednesday.

Location Filming Drops in Q2

On-location film, television and commercial production fell by 4.7 percent in the second quarter compared to a year ago, according to figures released Wednesday by FilmL.A.

MannKind Selects Chief Commercial Officer

MannKind Corp. on Wednesday announced that Patrick McCauley will join the company as chief commercial officer.

Tuesday, July 11

Squar Milner Acquires Woodland Hills Accounting Firm

Squar Milner LLP announced Tuesday its acquisition of Sobelman Cohen Moss & Associates in Woodland Hills.

Avery Dennison Names CFO

Avery Dennison Corp. has appointed Gregory Lovins to the post of senior vice president and chief financial officer.

Finance Firm to Relocate in Westlake Village

One Capital Management plans to relocate within Westlake Village and double its existing space by the end of the year, according to Daum Commercial Real Estate Services.

Penthouse Acquires Omni Magazine

Penthouse Global Media has acquired Omni magazine and plans to publish a print issue of the groundbreaking science publication in October.

Cure, Israelis Partner on Pot Research

Cure Pharmaceuticals on Tuesday announced that it has signed a memorandum to enter into a research collaboration with two Israeli companies.

Monday, July 10

Cherokee Signs Distribution Partnerships

Cherokee Global Brands has established licensing agreements with two new distribution partners for its Hi-Tec and 50 Peaks brands, the company announced Monday.

Revenue, Income Rise at Simulations Plus

Simulation Plus Inc. on Monday reported fiscal third-quarter earnings that showed rising revenue and net income.

Brand Manager

Former ski bum turned public relations consultant John Lockhart loves to tell the stories of client companies and their products.

John Lockhart, president of People Media Worldwide Inc., on gathering audiences to hear his clients’ stories.

Top Female Entrepreneurs: Diane Krehbiel-Delson

Profiles of women business owners.

Top Female Entrepreneurs

Women-owned businesses enjoy a run nationally and in the Valley region.

Profiles of women business owners.

Tease photo

Top Female Entrepreneurs: Stephanie Wagner

Profiles of women business owners.

Odd Clauses in Insurance Policies Prompt Suits

LITIGATION: Regulators decry fine print and ‘bait and switch marketing tactic.’

What would you do if there was a clause in your insurance policy that said if you want to pursue arbitration you’d have to do it in the British Virgin Islands?

Foster Youth Jobs Program Reflects on First Year

EMPLOYMENT: Hope2Work sees paycheck as key to ending homeless cycle.

It has been one year since Kathleen Mosqueda joined the pest control business of Agoura Hills real estate management company Strategic Acquisitions Inc.

When Aging Jet Engine Needs Parts, Call Ontic

AEROSPACE: Company signs license deals with legacy motor manufacturers.

Ontic Engineering & Manufacturing Inc. has made a deal with Pratt & Whitney Canada for the manufacturing rights to components for a business jet engine.

Disney at Center of Rumored Takeover Talks

ACQUISITION: Verizon latest suitor linked to Burbank media conglomerate.

Rumors of takeover boosts Disney’s stock price.

File Sharing for Doctors

HOSPITALS: Glendale Adventist joins county’s exchange for digital medical records.

Glendale medical facility takes step to electronically share patient information.

The Number

Millennial homeowner rates.

Bone Maker Consolidates Collection

New home to display skeletal holdings from fossils to forensics.

Greater demand for its replicated bones and skeletons leads Bone Clones to take new, larger space.

Super Coffee Gives Shot at Better Brain

Immordl Energy rides ‘functional beverage’ trend into stores.

Coffee maker Immordl Energy formulates its own version of the latest beverage trend.

Chamber Lauds Those Who Serve

Two Valley employees given awards because they help businesses.

Chamber of Commerce honors public servants who helped local businesses in the line of duty.

Business Journal Wins Top Award

PUBLISHING: SFVBJ honored as ‘Best Newspaper’ in its class.

San Fernando Valley Business Journal wins top award.

Cameras Ready to Roll in Converted Warehouse

ENTERTAINMENT: Partners see demand for Crimson Studios.

Crimson Production Studios is taking advantage of the booming local entertainment industry with new soundstages.

Career Preppies

EDUCATION: Seventh-graders take first step to health jobs.

Feeling it’s never too early to start preparing for a career, Palmdale Prepatory Academy debuts focusing seventh graders on health care.

Fight for the Hills

Development projects on Las Virgenes Road in Calabasas must win approval from multiple agencies and view-conscious residents.

With not much left to build on in Calabasas, builders and residents spar over Las Virgenes Road’s pastoral hillsides.

Studios Get Gifts, Businesses Get Grief

Politicians need to reform business-hurting PAGA lawsuits.

Storage Firm’s Fate Packed With ‘Ifs’

Public Storage stock: to buy or not to buy?

Around the Valleys

News and notes from the greater San Fernando Valley

Financier Assembles $125 Million NoHo Project

MIXED USE: L+O Residences to feature 297 apartments, Whole Foods Market.

An East Coast developer is building its first West Coast project in North Hollywood with the help of several local companies and investors.

Top Female Entrepreneurs: Ashley Wyatt

Profiles of women business owners.

Top Female Entrepreneurs: Jave Tripp

Profiles of women business owners.

Top Female Entrepreneurs: Ruth Drizen-Dohs

Profiles of women business owners.

Top Female Entrepreneurs: Dana Picore

Profiles of women business owners.

Top Female Entrepreneurs: Joann Roth-Oseary

Profiles of women business owners.

Top Female Entrepreneurs: Laurie Grayem

Profiles of women business owners.

Top Female Entrepreneurs: Laura McHolm

Profiles of women business owners.

Top Female Entrepreneurs: Joann Katinos

Profiles of women business owners.

Friday, July 7

Valley Congressmen Talk Trade, Education

Congressmen Brad Sherman and Tony Cardenas took questions on taxes, trade and of course, President Donald Trump on Friday at the Valley Industry and Commerce Association’s annual Congressional luncheon.

Glendale Office Building Fetches $59 Million

Glendale’s newest office building has sold for $59 million, according to Newmark Knight Frank of Los Angeles.

Galpin’s Boeckmann Enters Ford Hall of Fame

Bert Boeckmann, chairman and chief executive of Galpin Motors, has become the first person to enter Ford Motor Co.’s Dealership Hall of Fame.

Preview: Top Female Entrepreneurs

Women-owned businesses are “having a moment.”

Thursday, July 6

Cherokee Reports Q1 Loss

Cherokee Global Brands released on Thursday its earnings for its first fiscal quarter of 2018, a little more than a week after announcing it had received a noncompliance notice from the Nasdaq Stock Market for failing to submit a quarterly report on time.

Sienna Biopharmaceuticals Files for IPO

Sienna Biopharmaceuticals Inc. on Monday filed paperwork with the Securities and Exchange Commission for an initial public offering to raise up to $74.8 million.

GES to Build 'Game of Thrones' Exhibit

GES, an events and attraction design company in Glendale, will create a traveling “Game of Thrones” exhibit based on the cable television show.

B. Riley Closes Wunderlich Acquisition

B. Riley Inc. has completed its acquisition of Wunderlich Securities, a wealth management firm based in Memphis, Tenn.

Wednesday, July 5

Semtech Buys Canadian Firm

Semtech Corp. will purchase Aptovision Technologies, a Canadian chipset maker for the audiovisual industry, for up to $75 million.

Health Care Firm Buys Another in Missouri

U.S. HealthWorks on Wednesday announced that it has acquired Mosaic Life Care’s occupational medicine clinic in Missouri.

Second Sight Has its Eyes on Asia

Second Sight Medical Products Inc. on Wednesday announced that it is expanding into Asia.

Biotech’s Stock Takes Off

Shares of ImmunoCellular Therapeutics skyrocketed Wednesday, closing nearly 90 percent higher despite the absence of announcements from the company.

Monday, July 3

Disney Gains on Verizon Takeover Talk

Shares of Walt Disney Co. on Monday closed at about 1 percent higher amid reports that Verizon Wireless may be looking into purchase the Burbank entertainment conglomerate.

Monster Digital Signs Reverse Merger Deal

Monster Digital Inc. has signed a definitive merger agreement with privately held Innovate Biopharmaceuticals Inc., prompting 160 percent gain in its stock price Monday.