SAN FERNANDO VALLEY
A 221,842-square-foot industrial facility committed to Amazon.com Inc. has sold for $74 million, or roughly $334 per square foot. Intercontinental Real Estate Corporation purchased the distribution building, which is located at 20730 Prairie St., from the ownership, Xebec Realty Partners. According to a CoStar Group report, the deal was brokered by Darla Longo, Barbara Perrier, Brett Hartzell, Joe Cesta, Rebecca Perlmutter, Eric Cox, Bennett Robinson and Gregg Haly of CBRE on behalf of Xebec Realty Partners while buyer Intercontinental represented itself in the transaction. Xebec acquired the vacant industrial site, currently fully occupied by Amazon on a triple-net lease, in December 2018 for $37 million, or roughly $167 per square foot. Soon after, the industrial developer revitalized the warehouse, completing the work last year. The industrial property lies within a designated Foreign Trade Zone and features 23 loading docks with two drive-ins, 38-foot ceiling clearance, 5,000-amp heavy power capability, 40-foot column spacing, fenced lot, building signage and a 4-percent office build-out.
Jane Boeckmann, who helped husband Bert Boeckmann grow Galpin Motors into a powerhouse group of auto dealerships, died April 28 of pancreatic cancer. She was 90 years old. Boeckmann was also a businesswoman in her own right. She founded and was publisher of Valley magazine for 25 years and started Valley Brides magazine, another publication. But she also served as treasurer and a corporate director at Galpin Motors in North Hills. Along with Bert, the couple grew the flagship Galpin Ford into the best-selling Ford dealership in the world by volume for 29 years in a row. Galpin has 11 brands of cars, including Volkswagen, Porsche, Volvo, Honda and Lincoln. “The heart and soul of Galpin has been a combination of Bert and Jane, and Galpin’s success has been her success,” the company said in a statement. As treasurer, Jane Boeckmann was involved in all the major decisions for the business. She managed the interior design for each dealership, the landscaping and the press and public communications responsibilities, according to a profile on Bert Boeckmann when the Business Journal named him as Business Person of the Decade in 2006. Like her husband, Jane Boeckmann served on many boards and commissions and donated time and money to charitable causes. In 1986, she became the first woman to win the Fernando Award. Jane Boeckmann is survived by her husband, Bert, three sons, two daughters, 12 grandchildren, seven great-grandchildren and many extended family members.
A proposed apartment project promises to bring 138 units to North Hollywood. Glendale-headquartered LJ Properties Inc. has applied with the city of Los Angeles to create the residential units at 11043-11103 W. Hartsook St. The dwellings will be housed in a building seven stories high with more than 100,000 square feet. Dubbed the Sofi, the project will include a two-level subterranean parking garage that will accommodate 69 vehicles. Other building amenities will include a swimming pool, recreation room, roof decks, fitness center and movie theater. The apartment complex will be designed by Sam Aslanian Architects and has intentions of providing affordable housing. According to information on the developer’s application, rents will range from $592 monthly for a studio apartment to $760 for a two-bedroom apartment. Fourteen of the units will be designated for low-income households.
Input 1, a Woodland Hills-based digital billing and payment processing provider for insurance carriers, has been selected to service Universal Bank’s new insurance premium finance business. Universal Bank, based in West Covina, has launched a service for insurance premium financing to manufacturers, restaurant chains, technology companies, storage companies, law firms, or “any business looking to improve their cash flow,” according to the bank. Agents and policyholders will have access to Input 1’s cloud-based billing and payments platform to manage their accounts. “We are proud to be the technology platform upon which Universal Bank will build their premium finance business in Southern California,” Chris Farfaras, chief sales and marketing officer at Input 1, said in a statement.
SANTA CLARITA VALLEY
Fralock Holdings, a manufacturer for the aerospace, defense and medical industries, has acquired Ceramic Tech Inc. Financial terms of the transaction were not disclosed. Ceramic Tech, based in Fremont, manufactures, fabricates and assembles ceramic parts as well as performing pre-fired machining and quartz grinding. The acquisition will broaden Fralock’s ceramic product options and enable the company’s customers to benefit from the products created by Ceramic Tech, the company said in a release. Marc Haugen, chief executive of the Santa Clarita Valley company, said the technical know-how and strong market position of Ceramic Tech gives Fralock room to explore new formulations in both oxidized and non-oxidized ceramics. “Our acquisition of Oasis Materials earlier this year launched us into technically advanced active metalized ceramics; this latest acquisition gives us differentiated technical ceramics capability, from raw powder through precision machining,” Haugen said in a statement. Fralock was founded in 1967 and is currently owned by Arsenal Capital Partners, a New York private equity firm.
Paul Richardson has been named the new chief human resources officer for Walt Disney Co., effective July 1. Richardson replaces Jayne Parker, who is leaving the Burbank entertainment and media giant at the end of June after 33 years with the company. Richardson will report to Chief Executive Bob Chapek. Richardson is currently the senior vice president of human resources for ESPN, the Disney-owned sports cable network, and was also the first chief diversity officer for Disney from 2011 to 2017. Richardson said it was an honor to assume the job. “Our employees and cast members are absolutely key to Disney’s success, and their exceptional talent, ingenuity, diverse backgrounds and experiences, and deep sense of commitment even in the most trying times are truly an inspiration,” Richardson said in a statement. “I look forward to supporting them and working with our HR leaders around the world as we advance the company’s ambitious business goals.”
Rare land, spanning more than 10 acres, has been purchased for an undisclosed price and is being eyed as a 439,956-square-foot development site for residential building. Located at 339 Hampshire Road, the property has a corner location. The deal represents the largest land sale in Thousand Oaks since 2007, according to Calabasas-based brokerage Marcus & Millichap. Brandon Michaels, senior managing director investments in Marcus & Millichap’s Encino office, and Lonnie McDermott, Marcus & Millichap’s first vice president investments, represented the seller and procured the buyer. “This historic transaction for the city is emblematic of Thousand Oaks’ move to become more pro-development, which will create long-term growth in the immediate submarket,” Michaels said in a statement. “The sale also demonstrates investor interest in transforming under-performing assets into alternative asset classes.” Added McDermott: “The buyer, IMT Capital LLC, plans to convert the site to much-needed residential housing.”
Bold Collective announced a rebrand with a new name as well as the launch of their new connected television ad management division, SecondPage. Formerly called Bold Screen Media, the brand consulting studio is entering its sixth year of operation offering brand identity and design consultation and reports an uptick in growth compared to 2020. “The industry is ever-changing, and brands need to be more selective with identifying digital companies that can help with certain pinpoint solutions across the digital landscape,” Chief Executive Dan Alexander said in a statement.
— Compiled by Michael Aushenker