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Tuesday, Aug 9, 2022

Regional Report



Industrial Acquisition: West L.A.’s Rexford Industrial Realty Inc. has purchased a Chatsworth industrial property for $30.5 million from Irvine’s LBA Realty. The 320,000-square-foot building, at 9120 Mason Ave., is fully leased to Northstar Moving Corp. and Cosmetic Laboratories of America Inc., both with leases through 2020.


Sounded Out: DTS Inc., a Calabasas audio technology company, announced it is acquiring Manzanita Systems, a Poway software developer. Manzanita creates software to perform audio and video compression for broadcasters, postproduction houses, manufacturers of digital video technologies, and military and defense contractors. Financial terms of the deal were not disclosed.


Legal Deal: Peterson Milaney Insurance Associates, a property and casualty insurance brokerage that also provided employee benefits and other consulting services, has been purchased by Chicago’s Hub International Ltd. Tim Milaney, president of Peterson Milaney, will join Hub as a senior vice president, servicing and supporting existing clients.


Investment Funding: CU Wallet, a mobile payments tech provider in Woodland Hills, has received an investment from one of the largest credit unions in the country, Security Service Federal Credit Union in San Antonio. CU Wallet, which caters specifically to credit unions, lets financial institutions incorporate its mobile wallet platform into their existing banking apps.



Media Move: Deluxe Entertainment Services Group Inc., a Burbank Postproduction company, is acquiring Mediapeers, a Berlin provider of cloud software for the entertainment industry. Mediapeers will be folded into Deluxe Media, a unit of Deluxe that provides services that allow digital files to be downloaded, stored and retrieved. Financial terms of the deal were not disclosed.


Naval Contract: Tetra Tech Inc., a Pasadena engineering services company, has been awarded a five-year, $23.6 million contract with the Navy to assess and mitigate environmental impacts from expanding training grounds at the Marine Corps Air Ground Combat Center in Twentynine Palms. Tetra Tech will do a review of federally threatened species and implement monitoring and mitigation strategies.



Seed Funding: AssetAvenue Inc., a South Robertson-based online peer-to-peer lending platform used to invest and borrow money in commercial real estate, has raised $3 million in a seed round led by Matrix Partners in Waltham, Mass., and Beijing’s NetEase. AssetAvenue will use the money for a range of corporate purposes.



Office Pickup: The American Musical and Dramatic Academy has purchased a Hollywood office building for $10 million from two trusts. The 19,750-square-foot property, at 1641-1643 Ivar Ave., was purchased in a 30-day lease-back deal, after which time the academy will take occupancy of the building.


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