AROUND THE VALLEYS

San Fernando Valley Burbank Two multifamily properties in Burbank have sold for a combined $6.8 million. The sale included 16 units at 2317 N. Frederic St. and 12 units at 220 E. Valencia Ave. Rick Raymundo, senior managing director of investments in the Los Angeles office of Marcus & Millichap, represented the buyers, a group of private investors completing a 1031 Exchange which CoStar identifies to include Alex and Anna Arkof (Frederic Street) and Patrick Kent (Valencia Avenue). Yacine Lakhoua and Armond Aivazyan, also of Marcus & Millichap, represented the seller, Burbank-based Kathryn P. Rusyniak Trust. Glendale SnapMD Inc., a telemedicine company based in Glendale, announced it has raised $7.1 million in funding. The firm said it would employ the funds to market its Virtual Care Management telehealth software, a cloud-based platform that connects physicians with patients across the U.S. “The new investment allows us to continue to further drive our marketing and business development efforts in support of our rapidly growing provider base across the country,” said Chief Executive Dave Skibinski in a statement. STUDIO CITY South Coast Air Quality Management District has cited seven bus companies for idling at the Sportsmen’s Lodge in Studio City. Inspectors issued notices for idling a diesel-fueled auxiliary power system for more than five minutes within 100 feet of a restricted area on three separate visits to the hotel at 12825 Ventura Blvd. The bus companies were from Tennessee and Arizona. Sportsmen’s Lodge plans to install electrical hookups for coaches so they do not idle to generate power while parked, representatives told the district. Sun Valley Mission Valley Bank plans to open a loan production office in Torrance and has hired a new executive to supervise the operation. Jeffrey Watson has joined the Sun Valley bank with the title of executive vice president of strategic initiatives. His first project is the loan office at 21515 Hawthorne Blvd. “While this is a relatively new market for Mission Valley Bank, Jeff’s knowledge of the South Bay, along with his industry and business connections, will be instrumental in the success of this new endeavor,” Chief Executive Tamara Gurney said in a statement. The bank also has hired Thomas Fiebig as vice president and manager of the Torrance office. Van Nuys The U.S. Department of Transportation has awarded $20.8 million in infrastructure grants for work at Van Nuys Airport. The Airport Improvement Program funding will rebuild taxiway B on the east side of the airfield in addition to improvements to lighting and signage. The Los Angeles Board of Airport Commissioners approved on Sept. 6 a contract with Griffith Co. in Brea to do the work, which will be completed by February 2020. Woodland Hills A $70 million renovation project is underway at the Westfield Topanga Mall in Woodland Hills, owner Westfield Corp. has announced. The upgrades to the shopping center’s interior include new floors, tiling, lighting fixtures and paneling; updated restrooms and family lounges; and new digital infrastructure aimed at enhancing the customer experience. The mall will remain open during the renovation, which will mostly take place after business hours. The project began last month and is slated for completion sometime in 2019. The modernization comes as Westfield is planning to completely redevelop its mostly empty Westfield Promenade, located adjacent to the Westfield Topanga. If approved, the $1.5 billion mixed-use development aims to create a “downtown district” for the Valley. The long-term project, which is part of a larger plan to remake the Warner Center, will include 244,000 square feet of retail space, 1,400 apartments, 629,000 square feet of office space and possibly a 15,000-seat sports facility. NewMark Merrill Cos. has hired Lisa Polis as director of people operations. She will manage human resource programs, recruitment, employee relations and staff development for the Woodland Hills commercial real estate developer. Previously, she served as a human resource manager at Laurel Hall School in North Hollywood. Before that, she was a regional human resource manager at PricewaterhouseCoopers LLP. “It is critical to our success to make sure that we have the best people in the right positions,” NewMark Merrill Chief Executive Sandy Sigal said in a statement. NewMark Merill owns or manages a portfolio of more than 70 shopping centers in the U.S. Santa Clarita Valley SANTA CLARITA Real estate investment firm IMT Capital has purchased a 510-unit apartment building on 32 acres of land for $167 million, or $326,500 per unit, at 25399 The Old Road in Santa Clarita. The complex is now called IMT Stevenson Ranch. The seller was Goldman Sachs & Co., which in March 2013 purchased the property from Equity Residential as part of a larger $942 million portfolio. The 418,351-square-foot complex features a fitness center, pool, spa and sauna, playground and tennis and volleyball courts. Based in Sherman Oaks, IMT Capital invests in multifamily properties and other commercial real estate. Valencia The Food and Drug Administration has approved Avita Medical Ltd.’s Recell System for treating severe burns. Avita Medical is based in Melbourne, Australia, but has its U.S. headquarters in Valencia. “Approval of the Recell System marks an important milestone for us and provides a new way to treat burns for the thousands of patients with significant unmet medical needs,” Chief Executive Dr. Michael Perry said in a statement. The company plans to launch the product in the U.S. in the fourth quarter of this year. It estimates there is a $200 million market for the treatment. Ventura County Camarillo Semtech Corp. has expanded its board to 10 people and appointed two directors to fill the new seats. The Camarillo semiconductor manufacturer named Rodolpho Cardenuto and Saar Gillai as the new members. Cardenuto is president of Global Partner Operations at SAP, the German software company. He previously worked for Hewlett-Packard Co. in Palo Alto. Gillai, the other new board member, is chief executive at Teridion, a cloud computing firm in Toronto. Prior to joining Teridion, he was an executive at Hewlett-Packard. “As our strategy evolves and now encompasses deeper interactions with system integrators and cloud service providers, it is important that our board’s knowledge and capabilities also evolve in a synergistic fashion,” Chief Executive Mohan Maheswaran said in a statement. “Both Rodolpho and Saar bring unique industry perspectives that will enhance our ability to make good strategic choice. Moorpark Westcore Properties has acquired a 114,556-square-foot industrial building in Moorpark for $13.8 million from Ventura firm Marcus Adams Capital. Located at 6100 Condor Drive, the building was 100 percent leased at the time of sale. The building sits on nearly 5 acres, but the sale also included an adjoining 2.55-acre unimproved parcel zoned for industrial development. Ryan Plummer and Bret Hardy of Newmark Knight Frank represented Marcus Adams Capital in the transaction, while San Diego-based Westcore represented itself. “We plan to actively manage this property for the long-term benefit of the existing tenants,” Mike Metzger, director of acquisitions for Westcore, said in a statement. “Additionally, we will explore ways to unlock value on the adjacent, 2.55-acre freeway-fronting parcel through entitlement and potential development.”