AROUND THE VALLEYS

CONEJO VALLEY

THOUSAND OAKS

Robert Mehrabian will resume the role of chief executive at Teledyne Technologies Inc. upon the retirement of current head Al Pichelli on Oct. 15. Mehrabian has been with the Thousand Oaks aerospace, marine and digital imaging products manufacturer since 1999, most recently as executive chairman. He stepped down as chief executive when Pichelli took the position in January 2019. “While we shall miss Al, my personal engagement and oversight will continue to be as strong as ever, but with additional help from our next generation of leaders,” Mehrabian said in a statement. In addition to Mehrabian taking on the chief executive role, three other Teledyne executives were promoted as part of succession planning. Edwin Roks was promoted to executive vice president of Teledyne upon the closing of the Flir Systems Inc. acquisition in May. Roks remains president of Teledyne’s Digital Imaging businesses. Jason VanWees will become vice chairman with continuing responsibility for strategy, mergers, acquisitions, investor relations and margin improvement programs. He is currently executive vice president. George Bobb III will become senior vice president. He will remain president of Teledyne’s Aerospace and Defense Electronics segment and will resume leadership for classified Digital Imaging programs and Teledyne’s Information Technology efforts, as well as oversee the management of Teledyne’s Marine Instrumentation group.

WESTLAKE VILLAGE

LTC Properties Inc. has entered into a settlement agreement with two bankrupt former operators, Senior Care Centers and Abri Health Services, after receiving approval from a U.S. Bankruptcy Court. Under the settlement, the real estate investment trust, which specializes in nursing homes and senior living properties, will make a one-time payment of $3.25 million to affiliates of the bankrupt entities in exchange for cooperation in facilitating a transition of 11 nursing centers from their management to Texas-based HMG Healthcare. LTC will lease the 11 facilities to HMG, which will run the care operations, under a one-year lease. Eventually, LTC and HMG will add the 11 nursing centers to a master lease that currently exists between the two companies. The $3.25 million payment and transfer of operations are expected to take place on or around Oct. 1. “We look forward to growing our association with HMG Healthcare and having these properties leased to an operator of our choice,” Wendy Simpson, LTC’s chief executive, said in a statement. 

SAN FERNANDO VALLEY

ENCINO

New Standard Equities, an Encino-based multifamily property company, completed the sale of Atlas Apartment Homes in Port Orchard, Wash., for $75.2 million. After implementing its renovation plan over more than five years, New Standard sold the 276-unit asset at a price 39 percent higher than initially projected in underwriting at acquisition. Avenue 5 Residential, a Seattle-based property management company, purchased the property, which features new exterior improvements, branding initiatives and renovations of the leasing office, clubhouse and fitness center, as well as most of the unit interiors. “We’re happy to report that we delivered a 44.6 percent (internal rate of return) and $34.5 million of project-level profit,” New Standard Chief Executive Edward Ring said in a statement. “Those are utterly astounding numbers and our investors are all quite pleased.” The improvements increased average asking rent by 34 percent and the average in-place rent by 37 percent, according to the company.

SHERMAN OAKS

Tenant screening service RentSpree will waive application fees for victims who need to rent property after facing evacuation and/or property damage from Hurricane Ida. The category 4 hurricane, which made landfall on Aug. 28, caused heavy flooding, mass power outages and damage to a swath of cities from Louisiana to New England. Death tolls continue to rise as Ida has killed dozens in multiple states.

“For any agent, owners or landlords working with victims displaced due to evacuation or property damage from the hurricane, RentSpree will refund any application fees processed by RentSpree as they seek rental housing,” the company said in a statement. The offer is valid for claims made on or before Dec. 31.

STUDIO CITY

Tix Corp. and its subsidiary, Tix4Tonight, have filed for voluntary Chapter 11 protection in Nevada. The Las Vegas discount ticket seller, formerly located in Studio City, has been hurt because shows in Vegas seized up as a result of the coronavirus pandemic. The company said its reorganization should have no impact on customers, and it intends to obtain debtor-in-possession financing to enable it to continue operating. However, it will pursue a sale of its assets to the highest or best bidder through a court-supervised auction. After consideration of alternatives, the Tix directors concluded that the Chapter 11 process was the best long-term solution to the company’s liquidity challenges. According to the bankruptcy filing, the unsecured creditors include real estate developer Brookfield Properties, owed $391,000 for a lease on its Fashion Show Mall kiosk; and Planet Hollywood Resort and Casino, owed $595,000 for a lease on its kiosk. In total, the company said in the filing there was $3.1 million in unsecured claims against it. Tix is currently operating three of its discount Tix4Vegas kiosks in Las Vegas to sell tickets for shows, concerts, attractions and tours, as well as discount dining and shopping offers. It previously operated seven kiosks and an online ticket site before shutting them all down in March of last year due to the coronavirus pandemic.

SYLMAR

Habit Burger Grill, the Irvine-based fast-casual restaurant chain, opened a new restaurant at the Sylmar Town Center on Sept. 1. Located within the shopping center at 12631 Glenoaks Blvd., the restaurant offers dine-in and takeout meals, as well as curbside and delivery services for its menu of burgers, sandwiches and salads. Guests have contactless ordering options, including indoor self-serve kiosks and ordering ahead through the Habit app. “With every new Habit restaurant comes the excitement of reaching new customers who get to experience our award-winning chargrilled menu items and Habit hospitality for the first time,” Iwona Alter, chief brand officer at The Habit Burger Grill, said in a statement. “Opening in Sylmar is no exception – the Habit is excited to continue to expand in Los Angeles County.”

VAN NUYS 

Rexford Industrial Realty has acquired the industrial property at 8210-8240 Haskell Ave. in Van Nuys for $12.4 million, or $233 per square foot. The property includes three vacant industrial buildings containing 53,248 square feet of improvements on 2.3 acres of land. The parcel is near the 101 freeway and Van Nuys Airport. Rexford plans to execute a repositioning program to modernize and increase functionality of the buildings. “These investments, acquired through off-market transactions, demonstrate the company’s programmatic and proprietary approach to identifying exceptionally well-located, off-market investment opportunities with substantial, above-market return on investment and cash flow growth within infill Southern California, the nation’s lowest-supply and highest-demand industrial market,” Howard Schwimmer and Michael Frankel, co-chief executives, said in a statement. “With $779 million of acquisitions completed year-to-date, plus an additional $600 million of new investments under contract or accepted offer, we are well positioned to drive superior shareholder value creation through accretive internal and external growth.”

WOODLAND HILLS

Alliant Capital Ltd., and its affiliates Alliant Strategic Investments and ADC Communities, have been acquired by Walker & Dunlop Inc. for $696 million. Woodland Hills-based Alliant is a private investment manager focused on the affordable housing sector through low-income housing tax credit syndication, joint venture development and community preservation fund management. Under the terms of the deal, Bethesda, Md.-based Walker & Dunlop will pay $351 million of cash and the assumption of Alliant’s securitized debt facility, which had an outstanding balance of $155 million. In addition, Walker & Dunlop will provide $90 million of its common stock, with the number of shares to be determined at closing and $100 million of earn-out structured as participating interest in future cash flows over the next four years.