AROUND THE VALLEYS

San Fernando Valley Northridge Northrop Grumman Corp. has received a $322 million contract from the U.S. Navy to produce a new rocket motor for a long-range variant of its advanced anti-radiation guided missile system. The missile is a supersonic, air-launched weapon that can engage traditional and advanced land- and sea-launched threats. It is used on the Navy’s Hornet, Super Hornet and other aircraft. This system had previously been produced by Orbital ATK Inc., which Northrop acquired in 2018. The motors will be developed and tested at Northrop’s facility in Northridge. Work under the contract is expected to be completed in 2023. A private investor has acquired a 29-unit apartment building in Northridge for $6.95 million, or $239,655 per unit. According to CoStar Group, Tamkin Enterprises, represented by Steve Tamkin, bought the University Gardens apartment building at 8762 Etiwanda Ave. from Redondo Beach real estate entity Cosmo Investments. Marcus & Millichap Inc.’s Filip Niculete and Josh Hill in the Encino office represented Tamkin, while Marcus & Millichap’s El Segundo-based team of Paul Darrow, Gregory Harris, Kevin Green and Joe Grabiec represented Cosmo. The property stands about a mile away from the campus of California State University – Northridge. Porter Ranch A series of rainstorms has forced Shapell Liberty Investment Properties to delay the official rollout of Porter Ranch shopping center The Vineyards, which was originally scheduled to begin opening stores including Nordstrom Inc. and Ulta Beauty Inc. earlier this month. “Everyone dedicated to the project is disappointed that the rains arrived at such a critical time that some stores will not open as we had planned, and that the community will have to wait a bit longer before they can enjoy this beautiful new space,” Shapell Properties Vice President John Love said in a statement. The Vineyards, a mixed-use development at the intersection of Rinaldi Street and Porter Ranch Drive, will include a 100-room Hampton Inn & Suites and a 266-unit luxury apartment community upon its completion scheduled for 2020. Shapell said the opening dates are likely to be pushed back about a month. RESEDA Los Angeles Jewish Home has announced the opening of a new research facility for geriatric health issues. The Brandman Research Institute, named after the home’s supporter Joyce Brandman and her late husband, Saul, will comprise an interdisciplinary team dedicated to developing new standards and models of care for older adults. Dr. Noah Marco, chief medical officer at the Jewish Home, will serve as executive director. The institute is located in the Eisenberg-Keefer Medical Center on the Grancell Village Campus at 7150 Tampa Ave. Sun Valley A 2.6-megawatt rooftop solar array has been installed on top of a warehouse in Sun Valley. The warehouse, located at 11051 Pendleton St., houses the operations of delivery service OnTrac. It is owned by Xebec Realty in Seal Beach. The solar interconnection is the area’s largest and will produce enough energy to make about 1,000 homes carbon-free, according to a press release. PermaCity Construction Corp. developed and installed the panels with subcontractors PermaCitySkyBridge and Stronghold Engineering. The installation supports the Los Angeles Department of Water and Power’s Feed-in-Tariff program, which encourages property owners to generate zero-carbon energy through rooftop solar panels and sell that energy at a fixed rate to LADWP for redistribution. Woodland Hills Saban Capital Acquisition Corp. announced Feb. 28 that it has terminated its planned $622 million purchase of Panavision Inc. The decision to end the deal was “due to market conditions, delays resulting from the partial U.S. government shutdown, and the March 31, 2019 termination date of (Saban Capital Acquisition Corp.),” according to a Securities and Exchange Commission filing by Saban Capital Chief Executive Adam Chesnoff. What has changed in the market is not clear. Under the termination agreement, the $55 million raised in stock buys will be returned to shareholders within 10 business days after March 31. The termination agreement also nullifies $250 million and $100 million revolving credit facilities Saban Capital agreed to with several banks. Santa Clarita Valley NEWHALL A multi-tenant retail property in Newhall has sold in an all-cash transaction for $2.45 million, or $389 a square foot. Located at 25057-25067 Peachland Ave., the building is situated on a 23,087-square-foot parcel, part of a larger shopping center anchored by a Smart & Final, Union Bank and U.S. Postal Service branch. The property has 6,297 square feet of retail space. Yair Haimoff and Andrew Ghassemi, commercial real estate advisors with Spectrum Commercial Real Estate Inc. in Valencia, represented the buyer, which CoStar Group identifies as Santa Monica-based entity Peachland Properties Inc. Tim Crissman, Aaron Avila and Dean Cox of RE/MAX Crissman Commercial of Santa Clarita represented the seller, Satin Trust. Valencia Kaiser Permanente has renewed its lease for nearly 11,000 square feet of medical office space in the Valencia Executive Plaza. Located at 27201 Tourney Road, the property sits within the Valencia Corporate Center. The office building has undergone recent renovations and features extensive views of the golf course at Valencia Country Club. Spectrum Commercial Real Estate Inc. in Encino represented the building’s owner, Valencia Executive Plaza LLC of Valencia, in the deal. “This was a high-profile transaction that required attention, patience and detail to take to the finish line,” said Spectrum Commercial Real Estate Vice President Matt Sreden, who represented the landlord along with Spectrum broker Andrew Ghassemi and Spectrum founder Yair Haimoff. Financial details of the transaction were not disclosed. Tri-Cities Burbank Walt Disney Co. shareholders elected or re-elected nine members to the board at the annual meeting in St. Louis. The nine were Susan Arnold, Mary Barra, Safra Catz, Francis deSouza, Michael Froman, Robert Iger, Maria Elena Lagomasino, Mark Parker, and Derica Rice, the board’s newest member. “Our sustained performance reflects the strength of our strategy, our willingness to make bold moves and our commitment to creativity, innovation and excellence,” Iger, Disney’s chief executive, told the shareholders. Shareholders also approved an advisory resolution on executive compensation for Iger after his pay was reduced by $13.5 million this week and rejected proposals on lobbying disclosures and requesting a report on the use of cybersecurity and data privacy metrics in determining senior executive compensation. Glendale Avery Dennison Corp.’s Chief Executive Mitch Butier has been chosen as the new chairman of the board at the label and packaging material manufacturer. Current chairman Dean Scarborough informed the board that he will not stand for reelection. Scarborough leaves the board after nine years as chairman; he served as chief executive from 2005 to 2016. “I’m honored to be elected chairman,” Butier said in a statement. “I look forward to working with the board to continue creating long-term value for our employees, customers, shareholders and communities.” The transition will be effective April 25. Ventura County Thousand Oaks Teledyne Technologies Inc. announced that its defense and space business unit developed payload equipment for the Airbus OneWeb satellite internet constellation. Airbus awarded the imaging and electronics company a $95 million production contract in 2018, under which Teledyne delivered flexible converters and microwave and millimeter wave filter assemblies for each satellite. Production of equipment for additional Airbus OneWeb satellites is expected to continue through 2021.The first six satellites and supporting payloads were launched on Feb. 27 from the Guiana Space Center on Arianespace’s Soyuz VS21 rocket. – Compiled by Andrew Foerch