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Monday, May 27, 2024

Around The Valleys

SAN FERNANDO VALLEY A top team of former Colliers International brokers has joined NAI Capital. Gian Starita, Ken Ward and Lucy Hartford have moved into NAI Capital’s fold from Colliers International, where they specialized in capital markets and tenant representation in the San Fernando Valley, according to an NAI announcement. “They have built an outstanding reputation among clients and peers as expert, creative tenant rep brokers. We are excited to have them join our family,” Chris Jackson, executive managing director of NAI Capital’s San Fernando Valley office, said in a statement. “Our motivation for moving the team was strategic,” Starita said of the team’s jump. “I have been working for the past year in an exciting niche of the 1031 exchange market known as the cash-out exchange. The move to NAI Capital is instrumental to our team due to the large volume of sales transactions NAI Capital completes.” NAI’s Encino office is currently on track to complete between 110 to 120 sales this year, continued Starita, who appreciates his new firm’s combination of brokerage, research, marketing and property management resources. CALABASAS ASGN Inc. subsidiary ECS has won an $87 million contract from the U.S. Army to help manage payments and provide human recourses support, the Calabasas staffing company announced. ECS will oversee the Army’s existing payment and human recourses software networks and develop new system capabilities to better manage personnel and payroll information.“Ensuring our service members have access to the best functionality in their systems is essential to the ECS mission,” Tim Wilde, senior vice president of science and engineering at ECS, said in a statement. “The ECS team looks forward to making this complex deployment successful, with our team of skillful engineers, architects and acquisition professionals.” GLENDALE IHOP has unveiled a holiday menu based on Universal Pictures’ new film “The Grinch,” the restaurant’s Glendale-based parent company Dine Brands Global Inc. announced. Universal Pictures is a subsidiary of NBCUniversal in Universal City. The menu includes Whoville-inspired dishes such as Grinch’s Green Pancakes and Minty Who Hot Chocolate. The promotion is the latest in a series of marketing campaigns that New York-based advertising agency Droga5 has created for IHOP. Droga5 was behind the restaurant’s headline-grabbing “IHOb” promotion, in which IHOP temporarily changed its name and branding to introduce a line of burgers. The “Grinch” promotion will last through Dec. 31. Online legal services company LegalZoom.com Inc. has added a new member to its board as part of an investment from a Silicon Valley firm. The amount that the Glendale company received from Technology Crossover Ventures in Palo Alto was not disclosed. In addition to receiving money, David Yuan, a general partner at the investment firm, has joined the LegalZoom board of directors. LegalZoom Chief Executive John Suh called Yuan a strategic thinker with a deep understanding of small and medium-sized business subscription models. PS Business Parks Inc. has sold Orangewood Corporate Plaza at 2100 W. Orangewood Ave. in the city of Orange to an undisclosed buyer. Net proceeds from the sale, minus transaction costs, totaled nearly $18.5 million. The sale completes the Glendale REIT’s planned divestiture of 705,000 square feet of office space in Orange County. In March, the company sold Corporate Pointe Business Park in Irvine for $41.7 million. UNIVERSAL CITY Sun Hill Properties Inc., owner of the Hilton Los Angeles/Universal City, have unveiled revised plans for construction of an additional tower to the hotel adjacent to the Universal Studios theme park. In an Oct. 26 presentation, the Universal City-based real estate firm unveiled new plans for a second tower with 15 floors and 395 rooms, bringing the grand total to 890 suites at the Universal Hilton site. “When our neighbors shared thoughtful comments about our project, it motivated us take a look at our plans and refine our proposal to further reduce neighborhood impacts. Today we are excited to move forward with a modified project adjacent to our existing hotel with an enhanced design,” Sun Hill Properties Chief Executive Officer Mark Davis said in a statement. The decision to expand came shortly after the opening of the popular attraction The Wizarding World of Harry Potter at Universal Studios in April 2016. “This expansion will allow the Hilton to meet that growing need and get ready for future demand generated by new attractions at Universal Studios and forthcoming events like the 2028 Summer Olympics,” Davis continued in the statement. VAN NUYS MGA Entertainment Inc. appears to be expanding into Australia, according to multiple LinkedIn posts by Chief Executive Isaac Larian. “We will open MGA Australia to sell and market direct starting Feb 2019,” Larian wrote in a post. He added that the Van Nuys toy manufacturer is looking to hire additional “sales, marketing, analyst, supply chain, operation, IT and HR” employees to join the Australian team. Sapienza Salerno, who according to her LinkedIn page was previously a sales consultant for Australian real estate firm Independent Property Group, will join as managing director and be based in Sydney. It’s unclear what type of office or facility MGA plans to open. A representative for MGA was not available to comment. WOODLAND HILLS B. Riley Financial Inc. reported third-quarter net income of $2.8 million (10 cents a share). Total revenue for the Woodland Hills financial services company increased 8 percent year-over-year to $99.7 million, which the company attributed to growth in its capital markets segments as well as to gains from its principal investments and valuation and appraisal business. “We are seeing true leverage from our diversified platform and more instances where clients can engage us for multiple services which has resulted in increased revenue opportunities,” Chief Executive Bryant Riley said in a statement. The company also announced a special dividend of 8 cents a share, on top of a planned 8 cents a share quarterly payout. SANTA CLARITA VALLEY VALENCIA Flavor Producers has acquired New York-based Flavormatic Industries Inc. Financial terms of the transaction were not disclosed. Valencia-based Flavor Producers sells flavors for drinks, baked goods, nutrition bars and cereals. The acquisition includes Flavormatic’s flavor library, brands, equipment and customer and supplier lists. Flavor Producers said the acquisition will open new markets including coffee where the company hopes to complement Flavormatic flavors with new organic and natural flavors. “The acquisition of Flavormatic is consistent with our growth strategy to expand our customer base,” Chief Executive Jeff Harris said in a statement. VENTURA COUNTY SANTA PAULA Limoneira Co. has launched two new seasonal packaging campaigns to nationwide retailers. From Nov. 1 until Dec. 19, the Santa Paula agribusiness will distribute holiday-themed packaging for its Meyer lemons. And beginning in January, the company will offer a “Mix and Match: Pair It Up” promotion featuring three varieties of lemons in a bag. “Lemons are mistakenly thought of as a strictly summertime item, but we’re here to help retailers show consumers that lemons are versatile, delicious purchases year-round,” John Carter, director of global sales, said in a statement. “These packaging campaigns, which are built on the foundation of in-depth market testing, will help our retail partners build consumer awareness of the versatility of lemons during the winter season and drive increased lemon sales.” WESTLAKE VILLAGE Urban Fulfillment Services is closing its Westlake Village operations, resulting in the elimination of 85 jobs. The layoffs are effective as of Dec. 3 at the facility located at 30870 Russell Ranch Road, according to the Worker Adjustment and Retraining Notification filed with the California Employment Development Department on Oct. 15. Urban Fulfillment, based in Highlands Ranch, Colo., provides mortgage processing and fulfillment services. The positions to be cut include financial analysts, credit risk analysts, financial associates and team leaders. Last year, HCL Technologies, an India-based information technology company, acquired Urban Fulfillment.

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