Equity Deal: Medbox Inc., a West Hollywood maker of ATM-like devices that dispense medical marijuana and other pharmaceuticals, has executed a $6 million equity transaction with an undisclosed private investment firm. The deal involves a restricted stock purchase directly from the company at Jan. 17’s market rate for $5 million and the remaining $1 million at a discount. Medbox plans to use the money to fund its acquisition strategy.
DOWNTOWN LOS ANGELES
Industrial Purchase: Stanford 1050 LLC has purchased a downtown L.A. industrial building for about $23 million from Moulton Max LLC. The 171,300-square-foot property at 1050 S. Stanford Ave. was 95 percent occupied at the time of sale.
Off the Hook: Luxe Link LLC, a Santa Monica maker of purse accessories, has settled its patent-infringement lawsuit with Provide Commerce Inc., a San Diego online retail company. Luxe Link’s lawsuit alleged that Provide infringed two Luxe Link patents. Luxe Link will receive $350,000 for past sales from Provide, which has agreed to stop selling infringing purse hooks, according to a Luxe Link press release.
MARINA DEL REY
Hospital Assist: Lease Advisors, a Marina del Rey land-lease acquisition firm that works with billboard and cell tower lease owners, has donated $10,000 to Children’s Hospital Los Angeles in Los Feliz.
Non-Profit Donation: The Greater Los Angeles Chapter of the Society of Industrial and Office Realtors has donated $10,000 to the Wounded Warrior Project, a non-profit based in Jacksonville, Fla., that assists service members who have incurred injury or illness on or after Sept. 11. Bank of America-Merrill Lynch matched the society’s donation. The L.A. SIOR chapter is headquartered in Torrance and comprises 86 members that work in the Southern California market.
PR Push: L.A. Prep Inc., a Signal Hill company that provides car preparation, fleet management and vehicle transport services, has signed Kahn Media as its agency of record. Kahn, a Reseda automotive public relations firm, will represent L.A. Prep’s PR, media outreach and social media marketing efforts.
SAN FERNANDO VALLEY
Growth Noted: BlackLine Systems, a Woodland Hills financial software firm, has been honored with a Business Excellence Award for fastest growing company with less than 500 employees. BlackLine revenue has risen 50 percent year over year in 2010, 2011 and 2012. The Business Excellence Awards are given by ActionCoach, a Riverside business consultancy, and recognize industry-leading companies across the world.
Medical Move: IPC the Hospitalist Co., a North Hollywood-based manager of physician groups, has acquired Internal Medicine Consultants, a Morristown, N.J., doctors’ practice. The pickup is IPC’s fourth physician group in New Jersey and second in Morristown. IMC is expected to bring an estimated 18,000 annual patient visits to IPC. Financial terms of the deal were not disclosed.
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