Los Angeles Business Journal

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Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...

Movers for Week Ending December 16, 2016

West Los Angeles intellectual property licensing firm Marathon Patent Group Inc. was the week’s big winner, gaining 13 percent to close at $1.74. Following closely behind was Santa Monica cancer treatment research firm Kite Pharma Inc., which gained 12.8 percent to close at $51.76. The week’s biggest laggard was Nova Lifestyle Inc. The Commerce-based furniture maker’s stock price was down 15.2 percent to close at $1.96.

Gores Group Plans Second Blank Check Spinoff; Files for $375 Million IPO

The Gores Group filed notice Friday with the Securities and Exchange Commission announcing an initial public offering for the private equity firm’s second “blank check” company, Gores Holdings II.

More Tronc Shares Purchased by Soon-Shiong, Ferro

Patrick Soon-Shiong, the second-largest shareholder of L.A. Times parent tronc Inc., has purchased another 98,927 shares of stock in the company on Nov. 29 and Dec. 2 at prices ranging from $12.77 to $13.16, according to a filing with the Securities and Exchange Commission.

Movers for Week Ending December 9, 2016

Alhambra-based Indium Phosphide design and manufacturer Emcore Corporation was this week’s biggest mover, gaining 40 percent to end at $8.65. Glendale’s Apollo Medical Holdings Inc. was also among the week’s movers. The healthcare company gained 26 percent to end at $4.23. Beverly Hills-based Capricor Therapeutics Inc. was this week’s biggest loser, dropping 17 percent to end at $2.67.

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Maintaining Service Key to Sale of Car-Parking Pioneer

Patrons of Lawry’s the Prime Rib in Beverly Hills have been pulling up at the local institution and handing their keys off to employees of just one company for more than 70 years: Valet Parking Services.

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Recycling Yard Doubles Price Tag in Latest Deal

SALE: $10 million pickup touted as growing pull of downtown’s Arts District.

A former cardboard recycling yard in downtown’s Arts District recently sold for just over $10 million, more than double the price it fetched only two years ago, a sign of quickly rising land values in a fast-developing market.

Report Says SoCal Construction Still Faces Problems

Construction is booming in Los Angeles and throughout Southern California. Downtown towers are sprouting up left and right, a new $1.5 billion bridge spanning the mouth of the Los Angeles River at the Port of Long Beach is taking shape, and a $2.6 billion football stadium for the Los Angeles Rams broke ground last month in Inglewood. But a new report by the Los Angeles Economic Development Corp., “Building the Future: Construction in Southern California,” says the region still hasn’t fully recovered from the recession and that the construction industry faces a challenging regulatory environment and high costs.

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Investment firm looks to prove metal with $150 million zinc deal

Deal of the week: A look at the companies that signed on the dotted line last week.

OpenGate Capital’s newest acquisition is a key cog in the Century City private equity firm’s plan to exploit niche cross-border opportunities overlooked by other outfits.

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Soon-Shiong and Ferro Stock Up on Additional Tronc Shares

Michael Ferro, chairman of L.A. Times owner tronc Inc., has purchased an additional 42,126 shares of stock in the company, according to a Nov. 28 filing with the Securities and Exchange Commission. The stock was acquired through Ferro’s investment vehicle, Merrick Venture Management Holdings, at an average cost of $12.93 a share for a total transaction of about $545,000.

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Under Cloud

Tax hikes could burn vaping shops, customers

Vaping businesses fear a new state tax will leave little breathing room for their profit margins.

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State Ruling Puts Brokerages on Notice in Regards to Disclosure

A Look Ahead: What’s on the agenda for Los Angeles business in the coming week

California real estate companies might need to start taking extra care when operating as agents for both the buyer and seller of a property after a state Supreme Court ruling last week.

Lincoln and Rockwood Buy El Segundo Office for $120 Million

Lincoln Property Co. and Rockwood Capital are diving into the South Bay office market with their purchase last week of a 355,000-square-foot office campus in El Segundo. The property - comprised of three office buildings and two retail properties - sold for $120 million, or roughly $338 a square foot, according to a source familiar with the deal. DivcoWest, the seller, declined to comment. Lincoln plans to spend millions on a year-long renovation, part of a plan to attract technology, media, and entertainment companies to fill the office space that is currently half empty, said Rob Kane, Lincoln’s senior vice president.

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Cedars-Sinai Buys Miracle Mile Office for $295 Million

Cedars-Sinai snapped up a 24-story office tower on Wilshire Boulevard for $295 million this month, or nearly $646 a square foot. That makes it the priciest deal per square foot on Miracle Mile in at least the past decade, according to CoStar records. The seller was Morgan Stanley & Co., which had purchased the site in 2010 for $174 million, or about $380 a square foot. The seller was Morgan Stanley & Co., which had purchased the site in 2010 for $174 million, or about $380 a square foot.

Movers for Week Ending November 18, 2016

Glendale-based Apollo Medical Holdings Inc. was the week’s biggest gainer, rising 29 percent to close at $4. Guidance Software Inc., the Pasadena investigative software company, also saw big gains, shooting up 24.9 percent to close the week at $6.81. The week’s biggest laggard was Commerce-based furniture maker Nova Lifestyle Inc., which sank 25.4 percent to close at $2.41.

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Zoning Out

Development struggles in part stoked by social media have Jerry Snyder strictly focused on entitled properties

Jerry Snyder talks L.A. development and why he’s no friend of social media.