Stories for January 2021
Friday, January 29
Contract manufacturer lodges trade secret complaint.
Mission Valley Bancorp increased its net income in the fourth quarter and its total assets for the full year.
Warner Center-based real estate firm Investors Management Group has acquired an Atlanta apartment complex for $42.9 million, according to the company.
Thursday, January 28
The Los Angeles County Development Authority has launched a loan program to help small businesses survive the pandemic economy, according to the agency.
Calavo Growers Inc. announced Thursday that Lecil Cole, former chief executive and chairman, will step down from the board of directors effective March 1.
Construction on Phase II of Santa Clarita industrial park The Center at Needham Ranch has begun.
Wednesday, January 27
Thousand Oaks Biopharmaceutical Group has signed a joint venture agreement with a Korean biotech company in which they will boost serum-free cell culture media production, the companies said on Wednesday.
Westlake Village data firm BIGtoken announced it has gone public through a reverse merger with Force Protection Video Equipment Corp., a North Carolina company that sells video and audio equipment to police units.
On-location filming dropped by more than 25 percent in the fourth quarter, with reality television showing the only increase, according to figures released Wednesday by FilmL.A. The full year, however, saw the lowest on-location activity in Film L.A.’s 25-year existence.
Teledyne Technologies Inc. beat Wall Street estimates on earnings and revenue in the fourth quarter.
The Santa Clarita Valley Chamber of Commerce, along with other business development entities, are teaming up with PPE Unite to host a personal protective equipment drive for businesses in February.
Tuesday, January 26
The Santa Clarita cruise line last week sold its Pacific Princess ship for an undisclosed price.
Avi Lerner has proposed a plan to redevelop the building called Warner Landmark at 21555 Oxnard St. in Woodland Hills.
Loop Media Inc. has made its music video app available through Amazon Fire TV.
NewHydrogen Inc., formerly BioSolar Inc., on Monday announced a $5 million private placement offering of more than 83 million common shares of its stock.
Monday, January 25
The closure includes locations at the Glendale Galleria, Camarillo Premium Outlets and Westfield Topanga mall in Woodland Hills.
Stanford Kurland, founder and chairman of Westlake Village mortgage brokerage PennyMac Financial Services Inc., has died from complications related to COVID-19, the company announced.
California has lifted its limited stay-at-home order, allowing the reopening of outdoor dining and indoor haircuts in most of the state – including Ventura County, but not L.A. County.
A federal judge has sentenced former Los Angeles City Council member Mitch Englander to 14 months in prison after Englander admitted to obstruction of justice.
Friday, January 22
A Calabasas-based real estate developer has been indicted for bankruptcy fraud and concealing money from creditors in shell companies, according to the Department of Justice.
California Resources Corp. has reduced the size of its leadership team by eliminating positions in public affairs, exploration and development, investor relations and finance.
Orange County developer Mill Creek Residential is proposing to create a mixed-use development with 300 apartments on East Thousand Oaks Boulevard.
Thursday, January 21
A subsidiary of Sylmar construction firm Tutor Perini Corp. has received two fixed-price federal contracts worth $66.9 million.
A single-story, two-tenant retail property in the city of San Fernando has sold for $2 million, or $382 per square foot.
Calabasas biotech Turn Therapeutics has announced it received authorization to start its first human safety and efficacy trial for a COVID-19 therapy.
Wednesday, January 20
A Thousand Oaks resident who donated $4.8 million for a building at the California Lutheran University School of Management has decided to redirect the money to help support students and entrepreneurship.
Calabasas-based real estate brokerage Marcus & Millichap Inc. has announced that Matthew Luchs has joined its Brandon Michaels Group as chief operating officer.
Sherman Oaks biopharmaceutical company T-Cure Bioscience has entered into a license agreement with Chinese biotech Immunotech Biopharm Ltd. to develop a T cell therapy for renal cancer.
Kahn Media has been selected as the agency of record for automotive event producer Goodguys Rod & Custom Association.
Tuesday, January 19
Semtech Corp. has provided its LoRa Edge asset management technology to Digital Matter for use in the company’s tracking device for indoor and outdoor assets.
Two Burbank office buildings have sold for a combined $5.7 million.
Other World Computing Inc. has acquired LumaForge, the developer of the Jellyfish post-production workflow software line.
Monday, January 18
The Business Journal published a discussion on the impact of COVID-19 on employment law and new rules that went into effect at the start of the year.
California State University – Northridge will become a large-scale COVID-19 vaccination site.
Real estate developer FivePoint has announced that Valencia, the formerly named Newhall Ranch planned community under construction in the Santa Clarita Valley, sold nearly 500 homes in 2020’s fourth quarter.
A Teledyne Technologies Inc. subsidiary last week won an $18 million contract to build missile modules for the U.S. Navy.
Superhero film puts retailer inside retro-style mall.
Lamps Plus Inc. has made an appearance in the new Warner Bros. Entertainment film, “Wonder Woman 1984.”
MEDIA: Bilingual news service opens new revenue stream for Camarillo broadcaster.
Salem Media Group Inc. was set to debut this month a new digital streaming platform for the U.S. Latino market.
It’s Christmas morning and my phone rings. It’s a tenant telling me: “I went to use my stove and it does not work.
Like most restaurateurs, Michel LeChasseur has struggled since the pandemic blindsided him.
Bank of America leases entire 206,917-square-foot property.
Despite a waning appetite for office space during the pandemic, an office building in Simi Valley has sold for $30 million, according to Newmark, a real estate brokerage involved in the deal.
Tarzana’s Gelt and partner Uhon secure financing for nearly complete 250-unit development in Reseda.
Watermark has hit its mark with bridge financing.
Kern County greenlights potential 495-unit project.
Commercial developer Tejon Ranch Co. has announced that the Kern County Board of Supervisors has approved two conditional use permits to authorize development of multifamily apartments at the Tejon Ranch Commerce Center.
Marcus & Millchap buys LMI Capital in Houston.
Marcus & Millichap Inc. has acquired Houston-based LMI Capital.
The city of San Fernando caters to business owners fond of a small-town feel.
Surrounded by industry-heavy Sylmar to the north, Mission Hills to the west and Pacoima to the southeast, the city of San Fernando is one of the smallest cities in the region.
LIST: Administrators report full enrollment even with remote-only instruction.
So far in the coronavirus pandemic, private high schools in the Valley region have not experienced a drop in enrollment, nor have they had to reduce tuition, staffers told the Business Journal.
Movie distribution remains in flux after terrible 2020.
The summer movie season generally brings in about $4 billion in box office revenue.
Guitar Center has ‘operational flexibility’ after Chapter 11.
In December, just a month after filing to reorganize under Chapter 11, Guitar Center Inc. emerged with a balance sheet lighter by about $800 million in debt.
Former Walmart executive to open franchise in Valley.
A former Walmart de Mexico executive is bringing a new home flooring franchise to the San Fernando Valley.
20 restaurants temporarily shut due to coronavirus.
Black Angus Steakhouse has temporarily shuttered more than half its restaurants across the Western U.S. due to the coronavirus and resulting business restrictions.
Bed capacity and staffing in the red, mortuaries full.
Hospitals in the Valley are seeing surges linked to holiday gatherings, staff said, threatening to overwhelm plans put in place at the beginning of the pandemic to accommodate a massive influx of patients.
Universal Diagnostic tries direct-to-consumer strategy.
Universal Diagnostic Laboratories in Van Nuys has drastically changed its business model in the wake of COVID-19 testing.
FOOD: Unreal Deli breaks into the substitute meat business with help from investor Mark Cuban.
When Jenny Goldfarb went vegan, the New York native wanted to find a way to replicate her favorite corned beef without animal byproducts.
PROFILE: Todd Stevens, former chief executive of California Resources, looks back at his tenure.
West Point graduate and former Army officer Todd Stevens became the first chief executive of California Resources Corp. in 2015 when the company spun off from Houston-based Occidental Petroleum.
Health Care: Lancaster to host state’s first center for mental health plus rehab.
Lancaster will host the state’s first behavioral health and rehabilitation hospital, created by a joint venture between Antelope Valley Hospital and Kentucky-based Kindred Healthcare.
Cal Lutheran grad student suggests plan for sector in Pasadena.
After nearly 10 months of disrupted sales and government-mandated lockdowns, Pasadena’s restaurant industry faces a long road to recovery.
Valley Economic Alliance holds event virtually for first time.
Valley Economic Alliance held its “Valley of the Stars ... Rising” event for the first time virtually on Jan. 15.
AEROSPACE: $5 billion offer for complementary rocket maker.
With its acquisition of Aerojet Rocketdyne Holdings Inc., Lockheed Martin Corp. will boost its presence in the space industry and the Valley.
Restructuring opens office space, but streaming service may fill it.
Walt Disney Co. is now a streaming business.
Friday, January 15
California Resources Corp. intends to sell $600 million in unsecured senior notes with repayment due in 2026.
Todd Stevens, former chief executive of California Resources, looks back at his tenure.
Walt Disney Co. is now a streaming business. So how will this switch impact the Tri-Cities’ commercial real estate sector?
Dubbed the Hamburger Hamlet building, the four-story structure, which spans 29,000 square feet, is located at 4419 Van Nuys Blvd.
Ventura County has sued six businesses for operating in violation of health and closure orders.
Thursday, January 14
The industrial real estate brokerage team of David Harding, Greg Geraci, Matt Dierckman and Billy Walk have joined Colliers International.
AeroVironment Inc. plans to acquire Arcturus UAV Inc. in a cash and stock deal valued at $405 million, an announcement that sent AeroVironment stock up more than 30 percent.
Santa Clarita tech company BioSolar Inc. has officially changed its corporate name to NewHydrogen Inc.
Wednesday, January 13
Amgen Inc. and EVOQ Therapeutics on Wednesday announced they have entered into a license and collaboration agreement to develop drugs for autoimmune disorders.
A silver lining has emerged in the wake of the vandalization of the Native American obelisk at Warner Center Park during last May’s civil unrest: the Fernandeño Tataviam Band of Mission Indians will now hold a seat on the board of directors of the statue’s sponsors, the Fernando Awards Foundation.
Stay Green Inc. has acquired Emerald Landscape Services Inc., a similar commercial landscape maintenance company in Orange County.
Two Valley-area insurance agents were arraigned this week on multiple counts of grand theft.
Tuesday, January 12
The City of Burbank on Tuesday has notified Tin Horn Flats Bar & Grill that the conditional use permit allowing it to operate could be revoked if it does not comply with pandemic-time restaurant restrictions.
The owner of a Van Nuys quarter-acre parcel of land has proposed a mixed-use residential project, according to L.A. Department of City Planning records.
The City of Lancaster, in partnership with North Carolina nonprofit Samaritan’s Purse and Antelope Valley Hospital, is building a 50-bed field hospital to serve the overwhelming number of COVID-19 patients.
Short-form video distributor Loop Media Inc. has signed a partnership agreement with Switch Inc., a Canadian telecom service provider.
Monday, January 11
Walt Disney Co. may relocate some business operations from California to Florida, according to media reports.
Surges in COVID-19 cases linked to holiday gatherings are overwhelming Valley hospitals to the point of possibly rationing care and causing a shortage of space to store corpses.
Two separate freestanding warehouses within the Van Nuys Airport Corridor have sold for a combined $3.7 million.
Friday, January 8
Tom LaBonge, who served on the Los Angeles City Council for 14 years, died at his home in Silver Lake.
Corinne Le Goff, a former executive at Amgen Inc., has been hired by Moderna Inc.
Tejon Ranch Co. has announced that the Kern County Board of Supervisors has approved two conditional use permits to authorize development of multi-family apartments at the Tejon Ranch Commerce Center.
Thursday, January 7
CommonSpirit Health, which owns Dignity Health hospitals in Northridge and Glendale, has expanded its Southwest Division.
Despite a waning appetite for office space during the pandemic, an office building in Simi Valley has sold for $30 million.
Black Angus Steakhouse has temporarily shuttered more than half its restaurants across the Western U.S.
Wednesday, January 6
Princess Cruises has again postponed the resumption of cruising activity, this time through May 14.
BlackLine Inc. has promoted Mark Woodhams to chief revenue officer, effective at the start of the new year.
Chatsworth Plaza, a commercial shopping center at 21405-21515 Devonshire St. in Chatsworth, has sold for $14.9 million.
Tuesday, January 5
Public Storage has announced the appointment of two new members to its board of trustees.
Real estate developers Gelt Inc. and Uhon have secured $83 million in bridge refinancing on behalf of its joint venture The Watermark Apartments in Reseda.
Avery Dennison Corp. has acquired ACPO Ltd., an Ohio-based manufacturer of pressure-sensitive labels and industrial tapes, for $87.6 million.
Monday, January 4
Capstone Turbine Corp. announced Monday the appointment of Robert Flexon, the former chief executive of Dynegy Inc., as its new chairman.
Teledyne Technologies Inc. announced Monday it will acquire Flir Systems Inc. in a cash and stock deal valued at $8 billion.
Lamps Plus has made an appearance in the new Warner Bros. Entertainment film, “Wonder Woman 1984.”
We are facing a critical juncture in how we address public safety in Los Angeles and across the country.
BIOTECH: VC firm to invest in startups that become tenants.
Two real estate deals have put the Conejo Valley’s biotech hub on the fast-track to expansion.
Meryl Streep aboard to film the literary drama ‘Let Them All Talk.’
Cunard’s flagship ocean liner Queen Mary 2 is making waves in Hollywood.
City program seeks to convert debt to grants for struggling businesses.
In an effort to keep voters informed on which businesses were able to benefit from L.A.’s microloan program, Los Angeles City Controller Ron Galperin’s office launched a microloan tracker website at the beginning of December.
Gaines Gets Tribute
At its Dec. 2 meeting on Zoom, the Calabasas City Council recognized Fred Gaines for his service.
Westfield’s former senior vice president starts his own real estate investment fund.
Larry Green, the former vice president of Unibail-Rodamco-Westfield, has formed his own company L. Green Investment and Development in Calabasas.
DEVELOPMENT: Westfield will move forward gradually in Woodland Hills.
Shortly after Promenade 2035 – the $1.5 billion overhaul of mostly dormant Westfield Promenade shopping mall in Woodland Hills — got final approval last month, the developer decided to wait to start construction.
TECHNOLOGY: Company adjusts terms and price to reach deal with government.
In a rare move by a company that has grown through its acquisitions, Teledyne Technologies Inc. has made only one in the past year.
AUTOMOTIVE: AutoSense checks on driver, passengers, children and pets in vehicle.
With its vehicle occupant monitoring system, audio equipment maker DTS Inc. will make a play for a new market beyond its traditional buyers.
Rexford pays $155 million for complex in Van Nuys.
Warehouses near the San Fernando Valley’s airports have become a hot commodity, as underscored by last month’s deal in which Brentwood-based Rexford Industrial Realty Inc. acquired a massive industrial portfolio at the Van Nuys Airport Industrial Center for nearly $155 million.
Mountain View Manor in Sylmar hosts 200 units.
Positive Investment has closed one of the largest 2020 deals in Los Angeles with its purchase of the Mountain View Manor apartments at 12960 Dronfield Ave. in Sylmar, where 200 units traded for $29.4 million, or $147,000 per unit.
Tax credit helps buy, rehab low-income apartments.
Hunt Capital Partners announced in November that it had closed a $13.7 million federal low-income housing tax credit equity financing for the acquisition and rehabilitation of Apple Tree Village.
LIST: Landlord reps worry December lockdown may undo rent collection gains.
Since the economy bottomed out last spring, rent collections at malls and other retail centers in North Los Angeles have seen monthly incremental hikes as landlords and tenants engage in a delicate dance of payment agreements.
With a New Year, a new president, and a new congress, 2021 is ripe for more enlightened leadership at every level
LIST: Food service firms account for most names on Business Journal’s directory.
Franchised restaurants, often with strong brand recognition and support from well-capitalized corporate owners, may seem better equipped than independent restaurants to survive a crisis such as the coronavirus pandemic, but that assumption isn’t always true.
Financial advisors weathered market downs and ups during a year of surprises.
The onset of the coronavirus caused one of the sharpest nosedives in the history of global capital markets. Between Feb. 20 and April 7, the Nasdaq tumbled an unprecedented 1,864 points, a loss of nearly 20 percent.
Lamar Hudson avoided panic during pandemic by sticking to goals.
From an office in Woodland Hills, Lamar Hudson provides comprehensive financial advice to a variety of clients – individuals, business owners, nonprofits and charities.
One of Jason Sands’ clients asked how he could help others financially during tough times.
Wealth manager Jason Sands sought to keep clients on track for their long-term goals during the year of crisis, while also meeting short-term needs.
Tony Battaglia, branch manager at Raymond James’ Woodland Hills office, discusses risk assessment.
Tony Battaglia believes in the power of a plan.
In a two-day period, Steve Davis fielded150 phone calls from clients with questions.
Wealth manager Steve Davis can attest that 2020 was a year unlike any other.
In midst of pandemic, low interest rates foster home-buying and refinance surge.
The coronavirus pandemic and efforts to suppress it have shaken the national housing market – and given some segments a considerable boost.
Latest agreement for cloud computing develoment.
Semtech Corp. has teamed with Amazon Web Services Inc. to offer its long range, low power wide area network (LoRaWAN) protocol for Amazon’s managed cloud service.
Huan based product design on feedback from owners.
Pet tracking system Huan has expanded its product line with the release of Tiny Tags.
Investment features artificial intelligence marketing deal.
Eta Compute Inc. announced last month it had raised $12.5 million in a Series C round of funding.
Space consolidation saves for community programs.
Casa Pacifica has found a new home for its community-based programs.
IndieFlix to feature short films made by foster youth.
More than 70 films written and directed by foster youth as part of an educational program run by a Burbank nonprofit have become available for public viewership for the first time.
Ellume’s $30 kit secures approval from the FDA.
Digital diagnostics company Ellume Inc., an Australian company with U.S. operations in Valencia, developed the first at-home COVID-19 test approved by the U.S. Food and Drug Administration.
Antelope Valley city wants autonomy in regulation.
The city of Lancaster took a hammer to the Los Angeles County Department of Public Health, first backing a vote of no confidence in its director, Barbara Ferrer, then commissioning a study on how to form a separate public health department.
Audio, video calms patients during MRI procedure.
Resonance Technology in Northridge demoed its virtual reality platform at the Radiological Society of North America’s virtual event last year, a bright point for the small medical device manufacturer.
RESTAURANT: Agoura Hills watering hole racks up fines, loses permits and licenses.
Cronies Sports Bar and Grill, nestled in the Agoura Meadows Shopping Center at 5687 Kanan Road, entered the national spotlight last month as one of the first restaurants to openly defy Los Angeles County’s outdoor dining ban and continue serving patrons on site.
PROFILE: Mustang Marketing’s Dianne McKay counsels clients to stay on message during pandemic.
Dianne McKay took the helm as sole owner of Mustang Marketing in April, with the retirement of founder Scott Harris.
MEDIA: Phone-based technology creates online magazines
Jake Warner needed a tool to streamline his workflow as a photographer and media manager for Red Bull’s auto racing series.