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Thursday, Jun 20, 2024

Around the Valleys

ANTELOPE VALLEY TEHACHAPI A San Francisco financier specialized in alternative energy acquired a Tehachapi wind farm that has a power-purchase agreement with Pacific Gas & Electric Co. Terms of the deal between Renewable Energy Trust Capital Inc. and BAIF U.S. Renewable Power Holdings LLC, in Bermuda, for the Coram Wind Project were not disclosed. Renewable Energy Trust owns other alternative energy projects in California, Georgia and Canada. The addition of the Coram Wind Project brings its portfolio to 200 megawatts of energy. The wind farm is capable of generating 102 megawatts of power and was built in 2012 under original developer Coram Energy Group in Mojave. CONEJO VALLEY THOUSAND OAKS A subsidiary of Teledyne Technologies Inc. won a $15 million contract from NASA for imagery services for an instrument aboard the International Space Station. Teledyne Brown Engineering Inc., in Huntsville, Ala. will integrate a hyperspectral sensor built by the German Aerospace Center onto the Multi-User System for the Earth-sensing observation platform aboard the orbiting station. The sensor is capable of acquiring more than 70 million square kilometers of data each year. SAN FERNANDO VALLEY BURBANK Walt Disney Co. subsidiary Lucasfilm delivered the most-anticipated presentation at San Diego pop-culture fest Comic Con International with its “Star Wars: The Force Awakens” session. Director J.J. Abrams brought the film’s entire cast on stage – including returning stars of the original trilogy – and screened behind-the-scenes footage from the anticipated blockbuster. Also at the event, Fox Studios showed off sneak peeks of its five upcoming superhero movies, including “X-Men: Apocalypse” and “Deadpool,” and Warner Bros. brought “Batman vs. Superman” stars Ben Affleck and Henry Cavill on stage for a discussion and sneak peek of that film. A real estate investment trust has acquired the SpringHill Suites by Marriott hotel in Burbank for $60 million. Apple Hospitality REIT Inc. in Richmond, Va. bought the 170-room, boutique-style hotel this month, just as R.D. Olson Development of Irvine completed the 102,075-square-foot hotel located at 549 S. San Fernando Blvd. Apple Hospitality is a publicly traded REIT that owns a portfolio of 174 hotels with 22,177 rooms, including the Residence Inn at 321 S. First St. in Burbank, also built by Olson. Walt Disney Co. announced that 10 early-stage entertainment and technology companies will participate in the second class of its business accelerator program, which provides fledgling companies access to Disney executives, entertainment industry leaders and venture capitalists. Its partner in the program is Techstars, a Boulder, Colo. accelerator. The 10 startups will participate in a three-month mentorship program and will each receive $120,000 in financing from Disney, with both Disney and Techstars taking equity stakes. CANOGA PARK The AIDS Healthcare Foundation has collected signatures to put an initiative on the November 2016 ballot that would make condom usage in adult films mandatory throughout California. AHF wants to extend L.A. County regulations passed in November 2012 by Measure B, which require adult film performers to use condoms as a means to stop the spread of HIV and other sexually transmitted diseases. A lawsuit filed by Vivid Entertainment, one of the largest producers of adult films in the San Fernando Valley, and two performers challenged Measure B’s constitutionality. In August 2013, a U.S. District Court judge struck down portions of the law but upheld the constitutionality of the condom requirement. GLENDALE A 67-unit apartment complex in Glendale sold to a private investor for $20.4 million, or roughly $305,000 a unit. The 55,240-square-foot IMT Glendale Apartments was sold June 19 by IMT Capital of Sherman Oaks. The three-building property, built in 1968 on a 2-acre hillside parcel, is located at 1630 Calle Vaquero near Glendale Community College. The buyers, Faruque and Maria S. Sikder of Santa Monica, considered the complex a good investment. The apartments are a mix of studios, one- and two-bedroom units with 24 garages, 41 carports and 21 open parking spaces. Current rental rates range from $1,485 to $2,415 a month. SHERMAN OAKS The San Fernando Valley Council of Governments has backed three public transit projects for the Valley that it will submit to the Los Angeles County Metropolitan Transportation Authority. That agency is compiling a list of transit projects in advance of a potential sales tax ballot measure in 2016 to fund them. The Valley projects are: Replacing the Orange Line busway with rail; putting a light rail system on Van Nuys Boulevard to connect the Sylmar Metrolink station with Ventura Boulevard; and connecting the Valley with West Los Angeles by burrowing a train tunnel through the Santa Monica Mountains and down the Sepulveda Pass. STUDIO CITY Sam Nazarian’s SBE Entertainment Group sold two of its biggest restaurant brands, Katsu-Ya and Cleo, to New York hospitality firm ONE Group, creator of restaurant brand STK, for $75 million in cash, plus warrants to acquire 200,000 shares of ONE Group. The Katsu-Ya chain of sushi eateries was founded in Studio City in 1997 by renowned Japanese chef Katsuya Uechi; it later expanded nationally. The ONE Group plans to open at least 10 additional Katsu-Ya and Cleo outlets at SBE’s new SLS, Redbury and Hyde hotels throughout the world over the next five years. Katsu-Ya has nine locations, including four in Southern California, while Cleo has four. UNIVERSAL CITY Universal Pictures continued its record year as “Minions” brought in $115 million over its opening weekend, making it the second-biggest animated opening ever. The third installment of the “Despicable Me” franchise, featuring the yellow, capsule-shaped Minion characters, is the fifth movie so far this year to gross $100 million or more for the movie studio. The $46.2 million that “Minions” grossed on opening day was the biggest ever for an animated film. The biggest opening weekend of all time still belongs to “Shrek the Third” from DreamWorks Animation SKG Inc. in Glendale, which hit about $122 million in 2007. In addition to “Minions,” Universal has distributed hits “Jurassic World,” “Fifty Shades of Grey,” “Pitch Perfect 2” and “Furious 7” this year. VAN NUYS Electro Rent Corp. announced the retirement of Craig Jones, the company’s chief financial officer, effective Aug. 31. Jones, 69, will continue to consult for the company, which sells and rents electronic testing equipment. He has been with Electro Rent for 26 years. “Craig has been an integral part of our team for more than two decades,” Chief Executive Daniel Greenberg said in a prepared statement. “As he leaves Electro Rent to travel the world and spend more time with his family, we wish him well.” Allen Sciarillo, the vice president of finance, has been named acting chief financial officer. He has been with Electro Rent since 2006. SANTA CLARITA VALLEY SANTA CLARITA The first of a half-dozen residential neighborhoods under construction as part of a master-planned Santa Clarita community has opened to the public. Tri Pointe Homes Inc. of Irvine has opened model homes for its anticipated Grayson development, consisting of 119 two-story detached homes starting in the $500,000s. The development is the first phase of a master-planned community that will comprise nearly 500 homes. The community, known as Five Knolls, is being developed by Canada-based Brookfield Residential. Along with Brookfield and Tri Pointe, residential homebuilders KB Home of Los Angeles, Christopher Homes of Newport Beach and Meritage Homes of Scottsdale, Ariz. will develop neighborhoods at Five Knolls. –Compiled by Karen E. Klein

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