Stories for June 2017

Friday, June 30

Silicon Beach Report June 30: Jessica Alba’s Honest Co. Settles Fraudulent Labeling Lawsuit for $7.35 Million

Jessica Alba’s Honest Co. settles fraudulent labeling lawsuit for $7.35 million, SpaceX loses U.S. Air Force launch contract to ULA and Boring Co. test tunnel makes progress toward car elevator.

Maersk Reopens Port of L.A. Terminal After Cyberattack

A.P. Moller-Maersk reopened its Port of Los Angeles terminal Friday as the shipping giant restored many of its operations worldwide following a Tuesday cyberattack.

Tease photo

Jessica Alba’s Honest Co. Settles Fraudulent Labeling Lawsuit for $7.35 Million

Actress Jessica Alba’s Honest Co. has reached a $7.35 million settlement in a marketing fraud lawsuit that alleged the company fraudulently labeled home and personal care products as natural, plant-based or chemical-free.

Tease photo

Movers for Week Ending June 30, 2017

Monrovia technology company AeroVironment Inc. was this week’s biggest mover, gaining 24 percent to end at $38.20. Portsmouth Square Inc. was also among the week’s biggest movers. The Los Angeles-based property management company rose 12.90 percent to end at $70. Internet advertising and technology company Social Reality Inc. was this week’s biggest loser, dropping 11 percent to end at $1.24.

Opera Partnership Plays to TV Viewers

KCETLink Media Group joins with Grand Central Art Center in all-at-once release for ‘Vireo.’

Production partnership channels Netflix’s approach with an all-at-once release of episodic opera “Vireo.”

Tease photo

Deals & Dealmakers: Upfront Raises $400 Million

INVESTMENT: Latest fund brings total assets under management to $2 billion.

Upfront Ventures said last week that it has raised a $400 million venture capital fund – the Santa Monica-based firm’s sixth core investment vehicle – giving it some $2 billion in assets under management.

Tease photo

Buzz About Potential Lease Deals at Wilshire Grand

REAL ESTATE: Two tenants could boost occupancy at newly opened tower.

Two leases could get the towering Wilshire Grand Center halfway to filling its office space.

Tease photo

Spanish-Language Broadcasters Signal Focus Shift

TV: Univision, Telemundo go with modern, edgy fare to draw younger U.S. Latinos.

Univision and Telemundo program modern, edgy fare to boost their stations with U.S. millennials.

Tease photo

Original Wonder Woman, Honorary Millennial

Former studio chief Sherry Lansing expects “Wonder Woman” to kick down more doors in Hollywood.

Tease photo

Women’s Businesses Climb 7% to $19.2 Billion

ECONOMY: Tech firms raise profile with three in top 10.

Three tech industry firms powered their way into the top 10 on this year’s Business Journal list of women-owned companies.

Tease photo

Investor Cranks Up Industrial Stake in South Bay

ACQUISITION: Rexford’s $30.5 million deal expands holdings in tight submarket.

West L.A.-based real estate investment trust Rexford Industrial got a toehold in one of the country’s tightest industrial submarkets.

Tease photo

Blue & Gold Suits Up With Apparel Firm’s Green

UCLA Athletics’ 15-year, $280 million apparel deal with Under Armour Inc. of Baltimore went into effect on July 1.

Solar Business Shines Up Resume With Installation

ENERGY: PermaCity turns on powerful rooftop generating project in L.A.

PermaCity has raised its job ceiling with the world’s most powerful solar rooftop generating project.

Tease photo

Moving Along Nicely by Air, Sea

Record numbers at the sister ports and LAX point to Los Angeles moving in the right direction.

Conventions

Los Angeles Conventions 2017

Calendar

Calendar of events

App Maker Sees Room for Higher Tech at Hotels

TECHNOLOGY: Keypr helps guests connect with services, client venues push specials.

Travelers have come to expect a sophisticated tech experience when it comes to lodging, according to Nizar Allibhoy, chief executive of downtown-based Keypr, which recently raised $12.8 million to market the notion.

Grammys Sign 4-Year Deal in L.A.

MUSIC: Record industry awards will return in 2019 to Staples Center’s stage.

Staples Center will get back in the Grammys-hosting groove with the event’s return in 2019.

Cyber Crime Wave Over

SHIPPING: Largest terminal operator at L.A. port rights security system after attack.

Port of L.A.’s largest terminal rebounds as operator A.P. Moller-Maersk shakes off cyberattack.

Travelers Give Lift to LAX

May surge in passenger traffic could help LAX land another record year.

New Hotelier Checks In

REAL ESTATE: Buyer with ties to China picks up Hilton downtown for $115 million.

Buyer books a $115 million deal for a Hilton hotel in downtown’s Little Tokyo.

Business Journal’s Staff Earns Honors

Paper brings home top awards from national, local groups; sister publications’ work also saluted.

Business Journal’s staff delivers with top awards from national and local journalism groups.

Page 3: Women Wow

Full disclosure: the Business Journal’s Women’s Summit on June 23 at the JW Marriott at L.A. Live featured a series of panel discussions that were in the hands of several key sponsors.

IPOs Suddenly a Go With June Boom

INVESTMENT: Trio moves to break first-half drought.

Trio of nontech companies generated buzz with a string of IPO moves at the end of June.

Regional Alliance Aims to Connect VCs to Innovators

FINANCE: Collaborators seek to seed startups across fields.

Ex-state Insurance Commissioner Steve Poizner favors a collaborative policy for funding startups.

Thursday, June 29

Silicon Beach Report June 29: Recreational Video Game Competition Super League Gaming Raises $15 Million

Recreational video game competition Super League Gaming raises $15 million, Boring Co. completes test tunnel and Upfront raises $400 million for sixth early-stage fund.

Recreational Video Game Competition Super League Gaming Raises $15 Million

Recreational video game league Super League Gaming announced on Thursday that it raised a $15 million Series C round from investors including Nickelodeon, DMG Entertainment, SoftBank ISAT and Peter Guber’s aXiomatic.

Tease photo

Wednesday, June 28

Judge Dismisses Pulitzer Winner’s Lawsuit Against Los Angeles Times

A judge Wednesday dismissed Pulitzer Prize-winning reporter Jeff Gottlieb’s employment discrimination lawsuit against the Los Angeles Times, according to the newspaper’s attorney.

Pacific Alliance Medical Center to Pay $42 Million Settlement Over Alleged Kickback Scheme

Pacific Alliance Medical Center in Chinatown has agreed to pay $42 million in penalties to settle allegations in a federal whistleblower lawsuit claiming it filed false medical claims in a kickback scheme, the U.S. Justice Department announced Wednesday.

RBB Bancorp Files For $83 Million IPO

RBB Bancorp is preparing for an $82.8 million initial public offering, according to documents filed with the Securities and Exchange Commission Wednesday.

Little Tokyo DoubleTree Sold for $115 Million

The 434-room DoubleTree by Hilton hotel in downtown’s Little Tokyo has been sold for $115 million, or $264,562 a room, according to industry tracker CoStar Group Inc.

Tease photo

Silicon Beach Report June 28: Mobile Game Developer Wonder Raises $14 Million

Mobile game hardware startup Wonder raises $14 million, SpaceX to launch final Falcon 9 upgrade this year and Snapchat users can create custom filters in the app.

Grammy Awards Return to Staples Center in 2019

The Grammy Awards are coming back to Los Angeles in 2019 after next year’s ceremony in New York, the Recording Academy announced Wednesday.

Tuesday, June 27

LAX Passenger Traffic Jumps 5.6 Percent in May to 7.2 Million

Los Angeles International Airport’s passenger traffic surged 5.6 percent in May, despite the largest series of airline terminal relocations in U.S. history.

Tease photo

Silicon Beach Report June 27: Maersk Halts Operations at Port of Los Angeles After Cyberattack

Maersk halts operations at Port of Los Angeles after cyberattack, Belkin starts selling backpacks and messenger bags and Snapchat pitches advertisers on advantages of Snapchat’s smaller audience.

L.A. City Council Approves Construction of Lucas Museum at Exposition Park

The Los Angeles City Council on Tuesday unanimously approved the construction of the $1 billion Lucas Museum of Narrative Art in Exposition Park.

Tease photo

Maersk Halts Operations at Port of Los Angeles After Cyberattack

Shipping giant A.P. Moller-Maersk shut down its operations at the Port of Los Angeles’ largest terminal Tuesday morning after a cyberattack hobbled its computer systems worldwide.

Tease photo

YogaWorks Prepping $75 Million Initial Public Offering

YogaWorks Inc. is preparing for a $74.8 million initial public offering, according to documents filed Friday with the Securities and Exchange Commission.

Tease photo

PermaCity Completes World’s Largest Solar Rooftop Project

L.A. solar developer PermaCity Inc. has completed the world’s most powerful solar rooftop generating project in San Pedro, company and L.A. city officials announced Monday while touring the facility.

Tease photo

Monday, June 26

Los Angeles Fines Carl’s Jr. Restaurants $1.45 Million for Minimum Wage Violations

The city of L.A.’s Office of Wage Standards has ordered Carpinteria-based fast food company Carl’s Jr. Restaurants to pay $1.45 million in restitution and fines for minimum wage violations at seven of its L.A. corporate-owned restaurants.

Silicon Beach Report June 26: Sean Parker Leaves Spotify Board

Sean Parker leaves Spotify board, Leaf Group added to Russell 2000 Small-Cap Index, and Instagram Stories’ daily active users rise to 250 million, and more.

L.A. Vehicle Donation Charity Ordered to Shut Down After Alleged False Advertising

Los Angeles vehicle donation charity People’s Choice Charity has been ordered to shut down and pay at least $30,000 in penalties, California Attorney General Xavier Becerra and Los Angeles County District Attorney Jackie Lacey announced Monday.

Friday, June 23

Port Truckers Strike Winds Down with Little Cargo Impact

This week’s strike by close to 100 truck drivers and warehouse workers at the Los Angeles and Long Beach ports was expected to end Friday with little effect on cargo movement, port officials said.

Tease photo

Movers for Week Ending June 23, 2017

Clinical diagnostic sequencing company Fulgent Genetics Inc. was this week’s biggest mover, gaining 32.63 percent to end at $6.95. Patrick Soon-Shiong’s Culver City-based NantHealth Inc. was also among the week’s biggest movers. The health care company gained 28.29 percent to end at $4.58. Oil and gas exploration and production company California Resources Corporation was this week’s biggest loser, dropping 10.91 percent to end at $9.23.

City Shuts Down Boyle Heights Company After Trash Pile Burned for Six Weeks

The city of Los Angeles is moving to shut down a Boyle Heights construction and demolition debris company after a giant mound of trash onsite caught fire and smoldered for six weeks last fall, City Attorney Mike Feuer announced Friday.

Busy Airport Drives Car Rental Business

Companies such as Enterprise, Hertz, Avis ride jump in passenger traffic at LAX to higher revenue.

Rise in passengers at LAX has revved up revenue for rental car firms at the airport.

Meal Kit Service Mixes in Campbell Soup

Chef’d has added Campbell Soup to the mix as the meal kit delivery company’s largest investor.

Tease photo

Unique Period in History Unites Wealth Managers

INVESTMENT: Firms come together to cope with costs, as old guard opts to retire

Range of factors brings together wealth management firms through mergers and acquisitions.

Hyperloop Forges South Korea Ties

Playa Vista venture shores up presence overseas with deals with government, university.

Hyperloop venture speeds way to South Korea with several partnership agreements.

Tease photo

Speedy Century City Office Deal Delivers Discount

SALE: Investment partners get 33,000 square feet in tight market for $14.7 million.

Time was money in a rare case of distress in Century City’s robust office market.

Tease photo

Snack Puffs Up

Hippeas has new investors in the chickpea bag including Hollywood star Leonardo DiCaprio.

Tease photo

Will $50 Million Buy Wonderful Result?

agriculture: Ad spend headed for TV spots, ballparks.

Wonderful Co. hopes customers go nuts for its $50 million pistachio ad campaign.

Tease photo

Mother’s Pizza Fare Seeks Slice of Gluten-Free Pie

FOOD: Gail Becker credits launch of Caulipower to her quest to feed her two sons.

Caulipower’s Gail Becker pursues healthy sales with her gluten-free pizza offerings.

Tease photo

LAX’s Growth Rate Takes Off

AVIATION: Airport leader in origin-destination travel

LAX hit a record high of 80.9 million passengers in 2016 as traffic continues to rise.

Tease photo

Electronics Retailer, Chinese Firm Reconnect with $179 Million Investment

A technology company in China announced in a regulatory filing last week that it is paying $179 million to increase its stake in online electronics retailer Newegg Inc. to almost 94 percent.

Tease photo

Capital Idea on Pacific Rim?

Los Angeles is well-positioned to steer the future of the Pacific Rim.

Conventions

Upcoming Conventions

Calendar

Calendar of Events

City of L.A. Considers Syncing Up Tax Deadlines

LEVIES: Councilman hopes to ease payment process by rescheduling date to April.

Los Angeles City Councilman Mitch Englander this month introduced a motion to lay the groundwork for synchronizing the payment of business taxes with federal and state taxes.

Data Gauging Tech Cities Open to Interpretation

REPORT: Impact of sector can be affected by range of factors in home markets.

Cushman & Wakefield’s recent Tech Cities 1.0 report is aptly titled – it’s an iterative effort, as the phraseology goes these days.

Home Goods Move In

REAL ESTATE: Daiso signs lease for former warehouse used by American Apparel.

Home goods retailer Daiso California sews up lease for former American Apparel warehouse.

DTLA Booster Beefs Up

NONPROFIT: Central City Association board expands amid housing policy refocus.

Downtown’s Central City Association expands board amid advocacy adjustment.

Page 3: Food as Deal Fodder

The fascination with food isn’t just for foodies anymore – what else to take away from Amazon’s $13.7 billion offer for upscale grocery chain Whole Foods?

L.A. Live Eyes E-Sports Events

SPORTS: AEG scores stake in Immortals gaming team.

L.A. Live owner AEG makes a play for video-game events by taking a stake in e-sports squad Immortals.

Thursday, June 22

Patrick Soon-Shiong Pulls Out of Phoenix Biomedical Complex Plan

Biotech billionaire Patrick Soon-Shiong’s plan to build a 7-acre biomedical complex in Phoenix in partnership with the city and Arizona State University is not moving forward, according to local media.

Tease photo

Silicon Beach Report June 22: VR Playhouse Launches Virtual Reality Training Program

VR Playhouse launches virtual reality training program, USC to lead quantum computing project and sneaker marketplace Goat hires former Twitter executive.

Metro Board Approves $1.4 Billion Budget for 11.5-Mile Extension of Foothill Gold Line Light Rail to Claremont

The Los Angeles County Metropolitan Transportation Authority board of directors on Thursday approved a $1.4 billion budget and related partnership agreements for an 11.5-mile extension of the Foothill Gold Line light rail route from Glendora to Claremont.

Tease photo

UCLA, Miller Children’s Hospitals Partner to Expand Child Health Services

UCLA Mattel Children’s Hospital and Miller Children’s and Women’s Hospital Long Beach announced the formation of a strategic alliance on Thursday.

VR Playhouse Launches Virtual Reality Training Program

Glassell Park-based boutique studio VR Playhouse has launched an educational program meant to attract students, artists, developers and directors to the virtual reality industry, according to a company statement.

Wednesday, June 21

Appeals Court Upholds Ruling Overturning Malibu Measure Limiting Chain Stores

A state appeals court has upheld a lower court’s ruling that Malibu can’t limit chain stores or force major projects to be put to a vote of the people.

Koreatown Apartments Sell for $10.5 Million, Slated for Demolition

A Woodland Hills-based real estate investor has purchased five apartment buildings in Koreatown for $10.5 million with plans to tear down the properties, according to CBRE, which represented the seller.

Tease photo

Central City Association Expands Board; Adjusts Advocacy Priorities

The Central City Association representing downtown property owners and businesses announced Wednesday that it has expanded its governing board to 15 members and has adjusted its advocacy priorities to include more of a focus on housing and addressing homelessness.

Silicon Beach Report June 21: Education Software Startup GoGuardian Launches AI Platform

Education software startup GoGuardian launches AI platform, Snapchat launches Snap Map and BlockFraud raises $5 million.

Education Software Startup GoGuardian Launches AI Platform

El Segundo-based education software startup GoGuardian has launched Admin 2.0, a platform that uses artificial intelligence to enhance students’ behaviors online, according to a statement.

Daiso Inks Lease at Former American Apparel Distribution Center

Daiso California is taking over American Apparel’s former worldwide distribution center, a 220,000-square-foot warehouse in La Mirada owned by Prologis Inc.

Tease photo

Tuesday, June 20

Silicon Beach Report June 20: Hyperloop Transportation Technologies Partners With South Korea

Hyperloop Transportation Technologies Partners with South Korea, AEG invests in e-sports team Immortals, Chinese tech company invests $179 million in Newegg, and more.

Hangzhou Liaison Interactive Information Technology Co. Invests $179 Million in Newegg Inc.

A Chinese tech company announced Tuesday that it would invest more than $179 million to increase its stake in online electronics retailer Newegg Inc. to almost 94 percent from 55.7 percent, according to Bloomberg.

Spanish Broadcasting System’s Century City Office Fetches $14.7 Million

Miami-based Spanish Broadcasting System Inc. has sold its Century City office building in a fast-tracked deal that the buyer said was brought about by financial pressures.

Tease photo

Hyperloop Transportation Technologies Partners With South Korea

Hyperloop Transportation Technologies has announced new partnerships with South Korean entities as it moves forward on its plans to implement its patented technologies in South Korea.

Tease photo

AEG Invests in E-sports Team Immortals

E-sports is finding a home in downtown. Anschutz Entertainment Group announced an investment in e-sports franchise Immortals that makes it a team owner and home-venue operator for the team.

Monday, June 19

Silicon Beach Report June 19: Snap Signs $100 Million Deal With Time Warner

Snap signs $100 million deal with Time Warner, Garcetti, Musk discusses tunnel possibility and cloud service company wants $550 million.

Snap and Time Warner Sign $100 Million Content Deal

Snap Inc. and Time Warner Inc. announced a global partnership to develop made-for-Snap shows over the next two years. The deal, reportedly valued at $100 million, will include both entertainment and advertising content.

Dearden’s Puts Prime Downtown Property On Market

The pending closure of 107-year-old Southern California furniture chain Dearden’s is putting its local real estate portfolio into play.

Tease photo

Commerce Owner of Papaya Clothing Files for Bankruptcy

Cornerstone Apparel Inc., the Commerce-based owner of teen retailer Papaya Clothing, filed for bankruptcy in U.S. bankruptcy court in Los Angeles last week.

Friday, June 16

Movers for Week Ending June 16, 2017

Culver City's NantKwest Inc. was the week’s biggest gainer, jumping 54 percent to close at $6.48. Sherman Oaks-based Real Industry Inc. came in second, rising 15 percent to close at $3.05. Commerce's Smart & Final Stores Inc. was the week’s biggest laggard, dropping 32 percent to close at $9.10.

L.A. County Unemployment Rate Falls to New Record Low of 4.4 Percent Amid Steady Job Gains

L.A. County’s unemployment fell to a new record low of 4.4 percent in May amid steady job gains, state figures released Friday show.

Leadership Transition for Business Journal

Matt Toledo exiting as publisher-CEO; ad vet Anna Magzanyan to take over publisher-CEO position.

Business Journal Publisher-CEO Matt Toledo is stepping down and handing the reins to Anna Magzanyan.

Tease photo

New Chief Sets Sail at Port

Mario Cordero aims to buoy Long Beach port’s growth efforts

Newly appointed Port of Long Beach Executive Director Mario Cordero spent time with the Business Journal to discuss the outlook for one of the region’s biggest economic drivers.

Tease photo

Inglewood OKs Arena Talks

SPORTS: Clippers owner Steve Ballmer eyes new venue for team by 2024.

Inglewood council signs off on a proposed arena to house the Los Angeles Clippers.

Tease photo

California Market Center Opens Door to Investor

SALE: Brookfield acquires hefty stake from Jamison in deal valued at $220 million.

Koreatown-based Jamison Properties’ recent deal to sell a significant stake of its California Market Center to New York-based Brookfield Asset Management Inc. has brought a forward focus to the 1.8 million-square-foot campus in downtown’s Fashion District.

Tease photo

Brand Licensors See Clothing Maker as Good Fit

FASHION: Two suitors eye BCBG Max Azria Group’s assets including store leases.

Don’t write off BCBG Max Azria Group yet.

Subway Might Deliver Beverly Hills 9021 Uh-Oh!

TRANSIT: Station work slated for Golden Triangle

Some local leaders fear subway work in Beverly Hills could bury some businesses.

Tease photo

Baby Food Company Gobbles Up $4.1 Million in Venture Funding

Organic baby-food startup Caer Inc., which does business as Yumi, announced a $4.1 million seed round last week, taking money from a mix of angel investors and venture capital outfits.

Tease photo

Honda Paces Field of Foreign-Owned Companies

HEADQUARTERS: Pending exit of Toyota shakes up list of businesses in L.A. County.

American Honda Motor has homed in on the top spot of foreign firms with U.S. bases in L.A. County.

Tease photo

Benching Over For NBA Agent

SPORTS: Dan Fegan looks to score deals amid ex-firm feud.

Basketball agent Dan Fegan and his former firm, ISE, are feuding.

New Hires to Cover Both Sides of Private Equity

EMPLOYMENT: Adam Feit, Matthew Dalany to bolster Union Bank’s sector efforts.

It seems like a new private equity shop rears its head in Los Angeles every week, and the banks have noticed.

Inglewood No Guaranteed Balm for Ballmer

The Los Angeles Clippers could be joining the Rams and Chargers on the bandwagon to Inglewood.

Calendar

Calendar of Events

Tech Homes In On Broker Fees

REAL ESTATE: Ventures aim to put squeeze on high costs.

Tech ventures such as Open Listings look to shut the door on steep home-sale commissions.

Hollywood Plan Rewrite

DEVELOPMENT: Latest proposal would add tools to bolster preservation efforts.

New Hollywood Community Plan spotlights preservation of single-family-home neighborhoods.

PAGE 3: Gary and Gehry

This bit of buzz about the 73-story Wilshire Grand in advance of its opening Friday comes by way of fearless photog Gary Leonard, who bumped into Frank Gehry during a recent Bergamot Station opener for an exhibit by legendary L.A. abstract artist Ed Moses, who’s the father of downtown pub impresario Cedd Moses, by the way

Boot Maker’s Shop Rides Heroes’ Capes

Duran’s Dance Shoes has leg up with comic-book fans willing to pay to top off their costumes.

Duran’s Dance Shoes’ leather boots are a hit with superhero fans looking to punch up their costumes.

Business Journal Leadership Change

Matt Toledo exiting as publisher-CEO; ad vet Anna Magzanyan to take over publisher-CEO position.

Business Journal Publisher-CEO Matt Toledo is stepping down and handing the reins to Anna Magzanyan.

Tease photo

Thursday, June 15

Nestle Considering Sale of U.S. Candy Business

Nestle is considering a sale of its U.S. candy business, the Swiss-based conglomerate with headquarters in Glendale announced on Thursday.

Truck Drivers, Warehouse Workers Plan Strike at Ports

A group of truck drivers and warehouses workers set a date of June 19 for a strike at the ports of Long Beach and Los Angeles.

Tease photo

Silicon Beach Report June 15: Scopely Raises $60 Million

Scopely raises $60 million, VentureDevs to open West Hollywood office, and tech startup HelloTech powers Altice service.

ArcWest Partners Acquires Historic Silver Lake Office Building

Downtown’s ArcWest Partners announced Wednesday the firm has acquired a 30,000-square-foot historic office building in Silver Lake.

Tease photo

VentureDevs to Open West Hollywood Office

International venture development firm VentureDevs has found a home in Los Angeles County, announcing plans to open a West Hollywood office by September.

Scopely Raises $60 Million

Mobile game producer and distributer Scopely has closed a $60 million Series C funding round led by former AOL executives at Washington, D.C.-based Revolution Growth, according to a press release filed Wednesday.

Wednesday, June 14

Inglewood Poised to Approve Exclusive Negotiation Agreement with L.A. Clippers for New Arena

The Inglewood City Council is set to vote tomorrow to approve an exclusive negotiation agreement with the Los Angeles Clippers for an NBA arena in the city.

Tease photo

Environmental Group Sues Air Agency Over Approval of Tesoro Refinery Merger

A local environmental group on Wednesday filed a lawsuit seeking to overturn the South Coast Air Quality Management District’s recent approval of environmental reports for Tesoro Corp.’s plan to merge operations of its two refineries in Carson and Wilmington.

Silicon Beach Report June 14: Mayor Garcetti Announces Youth Tech Jobs Program

Mayor Garcetti plans tech jobs for L.A.’s youth, insurance mobile app startup Sure raises $8 million, and computer software company Datum Security acquired by Prevalent.

Ares Management and TruAmerica Multifamily Acquire Arizona Apartment Building in $30 Million Deal

Subsidiary funds of asset management firms Ares Management and TruAmerica Multifamily announced Tuesday they have acquired a 240-unit apartment building in Avondale, Ariz., in a transaction valued at nearly $31 million.

OpenGate Capital Accused of Selling Facility Used by Mexican Drug Cartel

An L.A.-based private equity firm is being called into court for the allegedly fraudulent sale of a property in Mexico that the buyer says has ties to a drug cartel run by Joaquín “El Chapo” Guzmán.

Tuesday, June 13

Silicon Beach Report June 13: Snap Inc. Signs Data Subscription Deal With Factual

Snap Inc. signs data subscription deal with Factual, storage startup Clutter raises $64 million, and baby food subscription service Yumi raises $4.1 million.

Snap Inc. Signs Data Subscription Deal With Factual

Factual Inc. announced on Tuesday that it signed a deal to sell its location data to Snap Inc. for use in Snapchat.

City Planners Release Revised Hollywood Community Plan

L.A. city planners on Tuesday released a revised community plan to steer development in Hollywood, more than three years after a judge threw out an earlier plan citing faulty growth assumptions.

May Cargo Volumes Surge at Ports

Both the ports of Los Angeles and Long Beach recorded their highest May cargo numbers in history.

Tease photo

Monday, June 12

Silicon Beach Report June 12: Snap Rolls Out Ad Manager for Small Businesses

Snap rolls out ad manager for small businesses, United Launch Alliance wasn’t allowed to bid for Air Force X-37B launch won by SpaceX, and Imax plans to lay off 100 employees in cost-cutting move.

MedMen Closes Initial Fund Short of $100 Million Target, Cashes in on MedReleaf IPO

Culver City marijuana investment outfit MMMG - also known as MedMen - filed paperwork with the Securities & Exchange Commission Monday showing it had raised just $60 million of an inaugural $100 million fund.

Snap Rolls Out Ad Manager for Small Businesses

Snap Inc. rolled out its ad manager tool on Monday, which makes it easier for small businesses to buy and manage ad campaigns on Snapchat.

Tease photo

Lon Morton’s Legacy

Valley investment management firm moves on after founder’s death.

Friday, June 9

Silicon Beach Report June 9: Garcetti Announces Launch of Digital Makers Exhibit Pilot Program

Mayor Eric Garcetti announces launch of the Digital Makers Exhibit pilot program to cut film-permitting costs for small and digital-first productions, and LACMA launches Kickstarter campaign to fund move of egg-shaped museum from Guatemala City to Los Angeles.

Jamison Sells California Market Center Stake for $220 Million

Koreatown-based Jamison Properties has sold a stake of its California Market Center, a 1.8 million-square-foot office complex in downtown primarily serving the fashion industry, to Brookfield Asset Management Inc., the companies announced Friday.

Tease photo

Movers for Week Ending June 9, 2017

Arts District-based Social Reality Inc. was the week’s biggest gainer, jumping 16.4 percent to close at $1.43. Santa Monica’s Kite Pharma Inc. was close behind, adding 16.3 percent to close at $87.79. The week’s biggest laggard was Fulgent Genetics Inc. of Temple City, which dropped 20.3 percent to close at $4.94.

Garcetti Names New Economic Development Deputy

Los Angeles Mayor Eric Garcetti announced Friday he is naming senior director for economic development William Chun as his next deputy mayor for economic development, replacing Raymond Chan, who is retiring after 33 years with the city.

IOC Set to Award 2024 and 2028 Summer Games to Paris and Los Angeles

The executive board of the International Olympic Committee on Friday announced its intent to award the 2024 and 2028 Summer Olympic Games to Paris and Los Angeles, all but guaranteeing Los Angeles will host the Games in 11 years.

Tease photo

Pirate Joe's to Shut Down Due to Rising Legal Costs From Trader Joe's Trademark Infringement Lawsuit

Vancouver-based Pirate Joe’s shut down on Thursday amid rising legal costs due to a lawsuit filed by Trader Joe’s for trademark infringement.

Conventions

Upcoming Conventions

Calendar

Calendar of Events

Newsroom Change At Business Journal

Jonathan Diamond to take over magazines, conferences; Jerry Sullivan named new editor.

Former Orange County Business Journal Editor Jerry Sullivan replaces Jonathan Diamond as LABJ editor.

Fund Secures Side Deal

INVESTMENT: Marlin’s eye stays on Tangoe offer while acquiring software business.

Marlin Equity Partners picks up educational software firm while pursuing Tangoe deal.

Quake Alert System Takes Crack at Condo Tower

SAFETY: Early Warning Labs hopes shakeout from installation raises profile.

Condo tower has opened its doors to Early Warning Labs’ earthquake sensor system.

Tease photo

Studios Get More Real Casting Disabled Actors

ENTERTAINMENT: Rise in streamed content plays part in increased opportunities.

Disabled actors see their Hollywood role expand as productions pursue authenticity.

Tease photo

MLS Operators Look to Mergers as Online Rivals Click With Buyers

Curbed Appeal

Operating a multiple listing service has become a tough sell as rivals flourish online.

'World of Dance’ Moves to L.A. Beat

World of Dance steps up its profile with an NBC program that unites a range of L.A. talent.

Tease photo

Elon Musk Drills In on Report in Business Journal

TECHNOLOGY: He stands by LAX tunnel proposal despite city officials’ doubts.

Boring Co. founder Elon Musk acknowledged last week that his company would likely struggle to gain government approval for a tunnel extending from Los Angeles International Airport to Sherman Oaks, but said the endeavor was still worth a shot.

Tease photo

Kombucha Pioneer Tees Up Second Site in Vernon

BEVERAGES: Millennium Products looks to pour it on as healthy drink sales boom.

Millennium Products bottles up more space to boost output of its kombucha drinks.

Long Beach Picks Up L.A.’s Trash Franchise Plan

WASTE: City Council looks to enact policy in five years; business groups blast costs.

Long Beach City Council moves to adopt a trash franchise system that hiked costs in Los Angeles.

Tease photo

Entertainment Takes Lead Role in CEO Pay

COMPENSATION: Disney’s Robert Iger at top despite dip.

The entertainment sector made a big production out of exec pay last year, with Disney’s Robert Iger and Activision’s Robert Kotick leading the CEO list.

Tease photo

Interesting Turn of Events for Private Equity

Private equity firms may be taking too much credit in this time of low interest.

Surf Air Adds Third-Party Skills With Texas Buy

Santa Monica’s Surf Air last week acquired rival subscription-based airline Rise of Dallas as part of an expansion that includes plans to launch service in Europe at the end of the month.

Six ‘Job-Killer’ Bills Clear Hurdle in Sacramento

politics: Measures include restrictions on arbitration, more employer mandates.

Six bills tagged by the California Chamber of Commerce as “job killers” survived the June 2 deadline to clear their house of origin and move on; three other bills the chamber had targeted were stopped.

Modular Construction Right Fit for Marriott Hotel

DEVELOPMENT: Project expected to come together faster, with added revenue.

Builder of Hawthorne Marriott put the project together with modular construction in mind.

Market Bags Imitator

Retail: Trader Joe’s win over Canadian shop seen as boost to trademark law.

Trader Joe’s trademark victory over a Canadian imitator is hailed as borderline win.

PAGE 3: Star Appeal Lifts Jet

Cirrus Aircraft turned heads on a recent jaunt out of Santa Monica Airport, where air traffic controllers, pilots and even a guy polishing a vintage auto collection gave figurative and literal thumbs up to its new Vision Jet.

$73 Million Deal For Coastal Country Club

New owner Bay Club picks up property as part of drive for gym, leisure holdings in California.

Bay Club Co. has acquired Manhattan Country Club in Manhattan Beach for $73 million, the latest addition to the San Francisco-based company’s holdings in Southern California.

Snap Aims for Street Smarts

INTERNET: $200 million buys tracker of ground-level data.

Snap moves to improve its ground game with the pickup of street-level ad data tracker Placed.

Education Firm Stays Home in $22 Million Deal

ACQUISITION: Pacific Oaks buys office property it leased with potential for expansion.

Pacific Oaks Education Corp. has acquired the Pasadena office complex where it leases space for $21.5 million – or $287 a square foot – aiming to keep the site as its permanent home with room to expand.

Debt Piled Up For Dividends

Rash of retail bankruptcies has raised concerns over loading firms with debt to pay dividends.

Thursday, June 8

Silicon Beach Report June 8: Elon Musk Says Boring Co. Odds of Success Low, But Still Worth It

Elon Musk says Boring Co. odds of success low, but still worth it, Los Angeles Cleantech Incubator names new chief executive, and augmented reality firm Daqri lends helmet to flying “Iron Man” demo.

Elon Musk Says Boring Co. Odds of Success Low, But Still Worth It

Boring Co. founder Elon Musk acknowledged that his company would likely struggle to gain government approval for a tunnel extending from Los Angeles International Airport to Sherman Oaks, but said the endeavor was still worth a shot.

Tease photo

Wednesday, June 7

Legal Challenge Filed to Block L.A. Trash Franchise System

A Sherman Oaks apartment building owner and an apartment owners association have filed a lawsuit against the City of Los Angeles seeking to block a waste-hauling franchise system set to go into effect next month.

Silicon Beach Report June 7: Surf Air Acquires Texas Rival Rise

Surf Air acquires Texas rival Rise, SpaceX wins U.S. Air Force launch contract for top-secret spaceship, and Stem raises $8 million for software to manage music royalties.

Surf Air Acquires Texas Rival Rise

Santa Monica’s Surf Air has acquired rival subscription-based airline Rise of Dallas, according to a statement posted to the local firm’s website.

Tease photo

Tuesday, June 6

L.A. County Supervisors Extend Ban on Marijuana Businesses in Unincorporated Areas

The Los Angeles County Board of Supervisors voted unanimously Tuesday to extend a ban on cannabis businesses operating in unincorporated areas of the county.

Silicon Beach Report June 6: Snap Inc. Acquires Placed for a Reported $200 Million

Snap Inc. acquires Placed for a reported $200 million, Fisker Electric vehicle photos unveiled and pre-orders scheduled to begin late June, and Honk licenses its roadside assistance app to Farmers Insurance

Breitbart Ad Revenue Drops More Than 90 Percent

Brentwood-based Breitbart News Network has witnessed a more than 90 percent drop in advertising sales revenue in the last three months, fueled by its alt-right agenda and support for President Donald Trump, according to DigiDay.

Manhattan Country Club Sold for $73 Million

Bay Club Co. finalized its acquisition of Manhattan Country Club in Manhattan Beach last week for $73 million, the San Francisco company announced Tuesday.

Tease photo

Snap Inc. Acquires Placed for a Reported $200 Million

Snap Inc. has acquired location data startup Placed Inc. of Seattle for a reported $200 million.

Monday, June 5

Pacific Oaks Education Corp. Buys Pasadena Office Complex for $21.5 Million

Pacific Oaks Education Corp. has acquired the Pasadena office complex where it leases space for $21.5 million, or $287 a square foot, aiming to keep the site as its permanent home with room to expand.

Silicon Beach Report June 5: Faraday Future Plans to Race FF 91 to Top of Pikes Peak

Faraday Future plans to race FF 91 to top of Pikes Peak, SpaceX launches Chinese experiment, and Snap Inc. shares fall after price target lowered.

Faraday Future Plans to Race FF 91 to Top of Pikes Peak

Faraday Future announced on Monday that it plans to race its electric SUV, the FF 91, in the running of the Pikes Peak International Hill Climb on June 25 to demonstrate its engineering progress in light of cash shortages.

Tease photo

Friday, June 2

LABJ Editor Jonathan Diamond Tapped to Head New Effort

Los Angeles Business Journal Publisher Matt Toledo today announced that Jonathan Diamond had been named editor, magazines and conferences.

City Council Eyeing Executive to Steer L.A. Marijuana Policy

Multiple sources familiar with the situation said City Council President Herb Wesson has tapped Drug Policy Alliance’s Cat Packer as executive director of L.A.’s forthcoming Cannabis Licensing Commission.

Silicon Beach Report June 2: Upfront Ventures Raising Two Funds Totaling $500 Million

Upfront Ventures is raising two funds totaling $500 million, AeroVironment secures $36.5 million drone contract with Australian military, and Virgin Galactic conducts test glide flight and says it’s nearing propulsion tests.

Trader Joe’s to Seek Injunction Against Unauthorized Canadian Reseller

Monrovia-based grocer Trader Joe’s Co. can file an injunction against an unauthorized Canadian reseller of its goods as early as Monday, according to court documents.

Movers for Week Ending June 2, 2017

Patrick Soon-Shiong’s Culver City-based NantHealth Inc. was this week’s biggest mover, gaining 13 percent to end at $3.48. Apollo Medical Holdings was also among the week’s biggest movers. The health care company gained 12.82 percent to end at $10.99. Internet advertising and marketing technology company Social Reality Inc. was this week’s biggest loser, dropping 17.45 percent to end at $1.23.

Beyond Meat Makes Distribution Deal for 280 Safeway Inc. Stores

Beyond Meat, an El Segundo maker of a meat alternative, is increasing its reach with a deal to be distributed in 280 Safeway Inc. stores in Northern California, northern Nevada, and Hawaii.

New York Billionaire Pays $100 Million to Buy Out Sunset Tower Co-Owner

The storied Sunset Tower Hotel in West Hollywood has a new partial owner.

Tease photo

8 over 80: Stanley Black

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Tease photo

Jerry Seinfeld’s Former Domain Hits Off-Market

LISTING: Hollywood Hills home part of multiple lots being offered for $40 million.

Jerry Seinfeld’s former Hollywood Hills home is for sale off-market, according to listing agent Rochelle Maize of Nourmand & Associates.

8 over 80: A. Charles Wilson

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

8 over 80: William Fulco

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

20 in their 20s: Nicolas Bijan

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Tease photo

20 in their 20s: Kevin Yamazaki

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

20 in their 20s: Jake Kassan and Kramer LaPlante

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Tease photo

Local Roots Expands to Ship Out its Farming Containers

Outside In

Local Roots Farms looks to get its adapted shipping containers into rotation as crop producers.

Tease photo

20 in their 20s: Sophia Parsa and Shakib Zabihian

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

One-Time D.C. Player Still Has L.A. Roles to Fill

KAW: Mickey Kantor splits time among Mayer Brown clients, efforts for nonprofits.

Mickey Kantor, a Cabinet member for President Clinton, makes a case for an ascendant Los Angeles.

Tease photo

Ex-NBA Players Aim to Score in Three-on-Three

BASKETBALL: New league teams with former pros to fill lineups, coaching ranks.

Rapper-turned-actor Ice Cube (O’Shea Jackson) and entertainment executive Jeff Kwatinetz will debut their three-on-three basketball league this month.

Tease photo

Wireless Provider’s Bell Rung by FCC Chief

INTERNETt: FreedomPop loses line on phone program.

New FCC chief pulls plug on FreedomPop’s entry into a federal subsidized cellphone program.

Tease photo

Hotel Partnership Makes Some Room for Investor

SALE: New York billionaire pays $100 million to buy out a co-owner in Sunset Tower.

The storied Sunset Tower Hotel in West Hollywood has a new partial owner.

Tease photo

Dan Tana’s Aims to Bottle Exclusive Air

Dan Tana’s looks to serve up the restaurant’s air of exclusivity with branding and licensing deals.

Foreign Funding On Tap at Summit

Annual investment event looks to line up local business people with counterparts from overseas.

Select L.A. Investment Summit looks to build bridges between local businesses and foreign money.

Tease photo

Business Leaders Head in, Out of D.C.

Patrick Soon-Shiong joins panel at Paul Ryan’s behest; Elon Musk, Robert Iger resign over climate.

Paul Ryan has named Patrick Soon-Shiong to a House advisory panel; Elon Musk and Robert Iger protest President Trump’s climate stance.

Tease photo

Support May Cool for Solar Water-Heating Firms

ENERGY: Assembly mulls allowing incentive program launched in 2010 to expire.

Extension of solar water-heating program has become a hot topic for system installers.

Tease photo

City May Spark To Pot Registry

MARIJUANA: L.A. looks for temporary help for businesses

Los Angeles City Council mulls a temporary registry to take the heat off pot shops.

20 in their 20s: Ted Montoya

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

20 in their 20s: Justin Schneider

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

20 in their 20s: James Shani

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

20 in their 20s: Francisco Franco

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

20 in their 20s: Eden Chen

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

20 in their 20s: Ben Mones

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

20 in their 20s: Ray Li

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Diet Soda Maker’s Online Sales Shake Up Sector

BEVERAGES: Zevia bested all competitors except Coke with healthier alternatives.

Azero-calorie soda company is rising to the top in online sales as American consumers thirst for healthier alternatives.

20 in their 20s: Deepak Atyam and Alex Finch

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Capture the Momentum

It’s time for the business community to make its voice heard on the homeless issue.

8 over 80: Richard Reeves

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Conventions

Upcoming Conventions

Calendar

Calendar of Events

Investment Firm Buys Into Marijuana Buzz with Magazine Pickup

Santa Monica’s Oreva Capital announced last week that it paid $70 million to acquire marijuana lifestyle magazine High Times.

8 over 80: David Mirisch

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Tease photo

Patent Firm Shares Plan

LAW: Supreme Court decision prompts Marathon to action following freefall.

Marathon Patent Group has moved to shore up its shares with a reverse stock split.

Sexual Harrasment Suit Raises Issues of Concern

TECHNOLOGY: Upload case points to lack of HR staff, oversight, analysts say.

Another harassment suit raises further questions about the industry’s culture and HR practices.

8 over 80: George Takei

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Tease photo

8 over 80: Larry King

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Tease photo

20 in their 20s: Robert Anderson

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Tease photo

20 in their 20s: Oren Katz

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Tease photo

20 in their 20s: Andrea Borgen

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Tease photo

20 in their 20s: Erika Jensen

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Tease photo

20 in their 20s: Noah Whinston

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Tease photo

8 over 80: Marvalene Bickerstaff

From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Across Generations

PROFILES: From a 22-year-old manager of e-sports teams to a 92-year-old manufacturing executive, the Business Journal spotlights some of the working world’s newcomers and old hands.

Tease photo

L.A.’s Homeless on Rise

HOUSING: Number of county residents living on streets soars year to year.

L.A. County agency has reported the homeless population swelled last year.

PAGE 3: L.A. to Sacto

Two things seem to draw the bold-face names: awards ceremonies and political fundraisers.

Thursday, June 1

Silicon Beach Report June 1: Musk Leaves Trump’s Advisory Councils

Musk leaves Trump’s advisory councils, uBeam demonstrates brick-sized wireless charger and acknowledges limitations, and League of Legends team valuation rise to at least $10 million.

Marilyn Monroe’s Former Brentwood Home Sells for $7.25 Million

Marilyn Monroe’s former Brentwood home has sold for $7.25 million – $350,000 more than its asking price of $6.9 million.

Tease photo

Haddad, Witte Assume Leadership of USC Lusk Center Advisory Board

Emile Haddad, chief executive of developer FivePoint Holdings, has been named the new chairman of the USC Lusk Center for Real Estate advisory board. Bill Witte, chief executive of developer Related California, was named vice-chairman.