SAN FERNANDO VALLEY
Calabasas-based reality TV star Kim Kardashian West is slated to launch a new line of shapewear undergarments, dubbed Skims, on Sept. 10. Kardashian West announced the launch date and brand name to her 61.7 million Twitter followers late last month. Just a few months earlier, she was accused of cultural misappropriation after saying she would call the Spanx-like brand Kimono, prompting her to change course. Kardashian West already has a beauty and fragrance line — the latter is a collaboration with her sister Kylie Jenner. Woodland Hills-based KKW Beauty Inc. sells blush, foundation, eyeshadow and other makeup.
Primary Growth Partners, an advisory group focused on the cannabis industry, presented its California Trend Report last month, highlighting expected growth rates for the industry. Michael Apstein, founding partner at PGP, spoke at the Southern California Cannabis Business Investment Group’s monthly meeting in downtown Los Angeles, along with Chris Hickok, fellow PGP partner and cannabis attorney. Apstein and Hickok anticipate a 15 to 35 percent increase in compounded annual growth rates for recreational cannabis, toward a $100 billion market. The U.S. is expected to be the dominant market as worldwide legalization grows. “As the industry continues its shift to business normative standards of performance, thoughtfulness around strategy, brand, market segmentation and operational consistency may well become the dividing line between success and failure,” Apstein said at the event.
The Crescent, a proposed development that would put 106 residential apartments at the intersection of Ventura Boulevard and Arch Drive in Studio City, has gone before Studio City Neighborhood Council’s Land Use Committee. Project applicant Mike Drandell, chief executive of Culver City-based developer Goldrich Kest, has proposed replacing a vacant senior living facility with multifamily units to include 12 low-income affordable apartments above 1,200 square feet of ground-floor retail storefronts. The plan represents a revision of Goldrich Kest’s original quest to entitle the project as a six-story building with 72 market-rate apartments and nine low-income units above ground-floor retail.
Centre for Neuro Skills, currently based in Encino, is the newest tenant at Tarzana Medical Atrium, according to a statement from the building’s owner Medical Asset Management. The brain injury rehabilitation provider has signed a 10-year lease to occupy 24,500 square feet at the medical office building, effectively moving its headquarters to Tarzana by Feb. 1, 2020. The Centre expects to see 35 patients per day at the clinic, but the space can accommodate 66, Medical Asset Management said. The clinic will start with 55 individuals on staff, with the capacity to add 20 new staff members. Centre for Neuro Skills is one of two major tenants to announce residency, with the Providence Cedars-Sinai Tarzana Medical Center first to sign on. About 30,000 square feet is still available at the facility, which is slated to open in January.
LTC Properties Inc., a real estate investment trust focused on senior housing, acquired a 90-bed post-acute skilled nursing center in Kansas City, Mo. for $19.5 million. The center is operated by Ignite Medical Resorts. The lease term runs 12 years. The center averages 90 percent occupancy and generates more than $1 million in monthly revenue. LTC also acquired a parcel of land, which it intends to develop into a 90-bed post-acute skilled nursing center, in Independence, Mo. The price for the parcel was $17.4 million. Construction completion is scheduled for the fall of 2020. Avenue Development is managing the project.
Video game developer Insomniac Games has been purchased by Sony Corp. for an undisclosed sum. When the transaction closes, Insomniac will join the global development operation of Sony Interactive Entertainment Worldwide Studios (SIE WWS). It will make games exclusively for PlayStation platforms. The studio has a long relationship with Sony, including the development of “Marvel’s Spider-Man,” one of last year’s most acclaimed games and which has sold more than 13 million copies worldwide. “Joining the WWS family gives Insomniac even greater opportunities to achieve our studio vision of making positive and lasting impressions on people’s lives,” said Insomniac Chief Executive Ted Price in a statement. “We’ve enjoyed a special relationship with PlayStation practically since our inception. Our partnership amplifies our potential.” Insomniac, founded in 2005, is also known for creating the massively successful “Spyro the Dragon,” “Rachet & Clank” and “Resistance” franchises.
The Walt Disney Co. has unveiled international launch dates and pricing for its streaming service Disney+. The service will be available in the United States, Canada and the Netherlands on Nov. 12. It will cost $7 a month or $70 a year in the United States, $8.99 a month or $89.99 a year in Canada, and 6.99 euros a month or 69.99 euros a year in the Netherlands. On Nov. 19, Disney+ will go live in Australia and New Zealand. It will be priced similarly to the others. More international territories will follow, and Disney expects to activate Disney+ in major global markets within the first two years. The company forecasts Disney+ will amass 60 million to 90 million subscribers worldwide by 2024.
CBRE Group Inc. has announced the sale of a 34-unit multifamily complex in Glendale for $8.8 million. Priscilla Nee of CBRE represented the seller, which CoStar data identified as David Weiswasser of Calabasas. The buyer is undisclosed. Located at 2121 N. Verdugo Road, the 28,134-square-foot recently renovated property consists of 32 one-bedroom/one-bathroom units and two two-bedroom/1.75-bathroom units. “This asset is a solid value-add opportunity in an exceptional North Glendale location, just minutes from Griffith Park, the Glendale Sports Complex and downtown Glendale,” Nee said in a statement.
AeroVironment, Inc. has received a $45 million contract from the Army to produce RQ-11B Raven small unmanned aircraft systems for its security force assistance brigades. The Raven is a drone that captures color and infrared video and still imagery in real time for land-based surveillance and reconnaissance missions. Weighing just 4 pounds and with a wingspan of 4.5 feet, it is more agile and less detectable than other unmanned aircraft. It was adopted by the Army in 2005 and is now used by dozens of countries. AeroVironment will deliver the aircraft systems and initial spare packages by January.
Amgen Inc. announced it will acquire Otezla, a Celgene Corp. psoriasis drug, for $13.4 billion in cash. The biotech giant entered into an agreement with Celgene, which is expected to merge with New York’s Bristol-Myers Squibb Co. Otezla is the only oral, non-biologic treatment for psoriasis and psoriatic arthritis, Amgen said in a statement. Last year Otezla had sales of $1.6 billion. Amgen expects to grow sales through global expansion and new indications, “with expectations for Otezla to realize at least low double-digit sales growth, on average, over the next five years,” the company said in a statement.
Ventura County Credit Union plans to merge with Pasadena-based L.A. Financial Credit Union, creating an institution with $1.3 billion in assets and serving 120,000 members in California and Arizona. The merger is expected to be completed in early 2020, according to a statement issued jointly by the two credit unions. Once the merger is complete, L.A. Financial Credit Union will keep its name, but become a division of Ventura County Credit Union. VCCU is the largest credit union headquartered in Ventura County, with 80,000 members and $800 million in assets. It has Valley region offices in Camarillo, Thousand Oaks, Simi Valley and Moorpark. Combined, the credit unions will have a dozen locations.