SAN GABRIEL VALLEY
Taking Off: AeroVironment Inc., a Monrovia maker of small aircraft primarily used for reconnaissance, has been selected as the prime contractor by the Defense Advanced Research Projects Agency for the Tactically Exploited Reconnaissance Node Program. AeroVironment will develop a medium-altitude, long-endurance unmanned aircraft system to operate from small ships to provide intelligence, surveillance and reconnaissance. Sierra Nevada Corp. in Sparks, Nev., will subcontract to Aero-Vironment on the project, which is valued at $2.3 million.
Office Acquisition: Footcrest in Pasadena has sold a La Crescenta office building for $3.8 million to Rancho Cucamonga’s Colim Investments. The two-story, 19,757-square-foot property, at 2540 Foothill Blvd., was built in 1982. It was 100 percent leased at time of sale.
Mining Support: Tetra Tech Inc., a Pasadena engineering services company, has been awarded an engineering, procurement and construction contract from Chevron Mining Inc., a subsidiary of San Ramon energy giant Chevron Corp. Tetra Tech will work on a new water treatment plant to
support the Questa mining site in Taos,
N.M. Financial terms of the contract were not disclosed.
Stock Offering: PS Business Parks Inc., a Glendale real estate investment trust, has completed its public offering of common stock at a price of $79.25 per share. PS sold a total of 1.5 common shares for net proceeds of approximately $117 million. Concurrently, it sold 950,000 shares of its common stock to Glendale-based parent Public Storage, also at $79.25 per share, for proceeds of approximately $75.3 million. Collectively, PS generated total net proceeds of about $193 million.
Office Sale: The 54,000-square-foot office building at 1990 Westwood Blvd. was purchased by Atlantic Pearl Investments for $12 million, or about $224 per square foot, from Jamison Services Inc. The 30-year-old building sits on roughly half an acre and was 84 percent occupied at the time of sale.
Cancer Center: City of Hope, a non-profit cancer research and treatment center in Duarte, has opened a cancer center in Lancaster through a partnership with Antelope Valley Hospital. The 56,000-square-foot City of Hope Antelope Valley Cancer and Community Education Center, at 44151 15th St. West, will offer cancer diagnosis, surgery, radiation and chemotherapy services.
Business Friendly: Lancaster has been named Los Angeles County’s Most Business Friendly City, population greater than 50,000, by the Los Angeles County Economic Development Corp. The other finalists were Santa Monica, Glendora, Paramount and Pico Rivera. Honorees must demonstrate a commitment to economic development, show they are able to retain businesses and keep business taxes and fees competitive. La Mirada won in the small-city category.
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