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Monday, Apr 15, 2024

Around the Valleys

CONEJO VALLEY THOUSAND OAKS Amgen Inc. announced that the company has appointed Esteban Santos as its new executive vice president of operations, beginning July 25. In his new role, Santos will be responsible for managing the company’s manufacturing, engineering, process development and global supply chain operations. He will report directly to Chief Executive Robert Bradway. In his previous position at the biotech firm, Santos was senior vice president of manufacturing, responsible for worldwide product supply. Santos will replace Madhavan Balachandran, who is retiring at the end of this year. WESTLAKE VILLAGE An office building has sold for $9 million, according to L.A.-based commercial real estate brokerage CBRE Group Inc. Simi Valley developer Scheu Development Co. bought the three-story, 37,100-square-foot building at 4580 E. Thousand Oaks Blvd. in the North Ranch Corporate Center. The structure was built in 2004. CBRE’s Michael Slater, Tom Dwyer, Mark Perry and Carlene O’Neil brokered the deal on behalf of the seller, which wasn’t disclosed, while Mike Foxworthy from Daum Commercial Real Estate Services represented Scheu, according to CBRE. Scheu owns four other buildings in the office park and bought the building as a complement. In a statement, President Mark Scheu said the company plans to reposition the property. SAN FERNANDO VALLEY BURBANK Cast & Crew Entertainment Services has acquired a production payroll and accounting firm for commercial production, venues, music tours and other entertainment niches. The company will finance the purchase of CAPS Payroll, in Culver City, through additional equity from its owner, Silver Lake, in New York. Terms of the transaction were not disclosed. Cast & Crew Chief Executive Eric Belcher said that his company and CAPS were an ideal fit due to complementary client bases, compatible technology portfolios and consistent corporate cultures. Cast & Crew provides payroll and accounting and other financial services to major and independent film and television studios and live event venues. Silver Lake acquired the company last year. CALABASAS Cheesecake Factory Inc. expanded into Eastern Asia this month with the launch of its Shanghai location at Walt Disney Co.’s Shanghai Disney Resort. The restaurant opened under a licensing agreement with Hong-Kong-based Maxim’s Caterers Ltd. It is located in Disneytown – the dining, shopping and entertainment hub at the resort. The Cheesecake chain has been on a winning streak this year, having kicked off the first quarter with its 25th consecutive quarter of positive same-store sales. Cheesecake also opened its second company-owned restaurant in Greenville, S.C., following the opening of an outlet in Albuquerque, N.M. in February. Shanghai Disney opened to the public on June 16. MotoLease, a provider of loans for motorcycle and power sports vehicle buyers, has implemented software from NetSol Technologies Inc. for mobile payments. NetSol typically provides financing software to auto leasing and finance companies. The mAccount system used by MotoLease will help customers manage their contracts and payment plans. For dealers, the application provides a backend system that reduces the number of inbound calls. MotoLease is a technology-based specialty finance company with a network of more than 1,000 motorcycle, snowmobile and all-terrain vehicle dealers. NORTH HOLLYWOOD The Moschanko Invesment Group of Los Angeles has received permission from the Russian government to move ahead on a $4 billion theme park. The themed attraction design firm Goddard Group will design the Magical World of Russia as a major destination resort and theme park that will reflect Russian and other international cultures. Chairman Gary Goddard said the park will be a destination unique to Russia and the world. The Magical World of Russia will be built on 544 acres between the Moscow and Kaluga regions. It will be funded by private investors led by Moschanko. NORTHRIDGE Vascular surgeon Dr. Shawki Saad has been elected as the new president of medical staff at Northridge Hospital Medical Center. The nonprofit hospital has 424 beds and is owned and operated by Dignity Health of San Francisco. Saad joined the medical staff at Northridge in 1989 and has been its medical director of trauma services since 1994. In addition, Saad has been chairman of the department of surgery and continues to serve on other hospital committees. Saad will start in his new role at the hospital on July 1. SYLMAR Construction firm Tutor Perini Corp. said it has closed on a $200 million private offering of convertible senior notes set to mature in 2021. The offering and sale of the convertible notes to qualified institutional buyers closed June 15. The notes will yield a 2.875 percent annual interest rate and pay out twice a year on June 15 and December 15, the company said. Tutor Perini said it plans to use the money to pay back $125 million toward what is owed on a term loan and credit facility, and fees and expenses relating to the offering. The rest will go to general corporate purposes. TARZANA Two apartment buildings have sold in an off-market deal for nearly $19 million, according to their L.A.-based buyer Lion Real Estate Group. Lion, an investment and development company, said it has bought the Terraces on the Boulevard, which has 112 units between two structures at 5919 and 5931 Reseda Blvd., for $18.8 million, or nearly $168,000 per unit. Benedict Canyon Equities was the seller. The properties are a mix of studios, one- and two-bedroom units and feature swimming pools, laundry rooms and a gym. Lion said it plans exterior and interior renovations and expects to be able to increase rents to new tenants by 16 percent, the difference between current rents at the complex and the local market average. VAN NUYS Defense industry supplier IEE announced that it has received a contract from Northrop Grumman Corp. to provide control display units for roadside bomb jamming equipment. Terms of the contract between IEE and Northrop, in Falls Church, Va., were not disclosed. IEE will make the 3.5-inch handheld control units to be used with equipment that jams radio-controlled explosive devices in war zones. The control unit features a nine-key keyboard and can operate in temperatures of below zero degrees Fahrenheit to more than 100 degrees and be submersed in water of three feet up to two hours. SANTA CLARITA VALLEY VALENCIA Simonian Family 2008 Trust in Pasadena purchased property occupied by a Red Lobster in Valencia for $3.6 million, according to Encino brokerage NAI Capital Inc. The 1-plus acre site at 27524 The Old Road is on the city’s so-called Restaurant Row. The site’s visibility is boosted by the Six Flags Magic Mountain Gift Shop/Hurricane Harbor sign overhead and is also adjacent to the 5 freeway. According to NAI, the restaurant chain has leased the nearly 9,500-square-foot building and the property since 1986. NAI Executive Vice President Yair Haimoff, and Vice Presidents Randy Cude and Steve Body arranged the deal on behalf of the seller, Marquis Valley View. SIMI VALLEY SIMI VALLEY Calabasas commercial real estate brokerage Marcus & Millichap Inc. has negotiated the $10 million sale of Shops at Target Center after it was revamped, according to the brokerage. Scheu Development Co. of Simi Valley bought the center for $10.2 million from David and Nilou Norouzi, according to real estate database provider CoStar Realty Information Inc. The 22,800-square-foot center at 2931 to 2941 Cochran St. includes two properties, 12 tenants and abuts a Target store. A Trader Joe’s and a Burger King are across the parking lot but are on separate parcels. – Compiled by Stephanie Henkel

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