Los Angeles Business Journal


Two Real Estate Deals Announced

Koreatown continues to attract interest. The Champion Real Estate Co. has purchased Ancelle Apartments in the neighborhood, the company announced Wednesday. Ancelle Apartments is an 87-unit historical building comprised almost entirely of studios that is located along the Wilshire Corridor. A purchase price was not announced.

United Online Rejects Buyout

United Online Inc. on Wednesday said it has rejected a buyout offer from Los Angeles investment bank B. Riley Capital Management but said it will review the possibility of selling off assets or even the entire company.

Herbalife Wins Again

A federal judge dismissed a lawsuit Wednesday against Herbalife Ltd. and Chief Executive Officer Michael Johnson in which the company was accused of defrauding shareholders by misrepresenting that it had complied with laws aiming to prevent pyramid schemes, according to Reuters.

Guess Inc. Reports Disappointing Third Quarter

Guess Inc. continues to struggle with lower sales and profits. The Los Angeles jean maker on Tuesday reported a sharp drop in third-quarter profit due largely to currency fluctuations. Guess reported a quarterly profit of $12.4 million, or 15 cents a share, down from $20.8 million, or 24 cents a share, a year ago.

Disney Tram Cars Sell for Nearly Half a Million

A pair of tram cars from Disneyland’s PeopleMover has sold at a Los Angeles auction for $471,500, The Orange County Register reports.

UCLA Gets $1 Million Gift from Entrepreneur

Real estate entrepreneur Steven Gordon, the chairman and principal owner of Domino Realty Management Co., has made a $1 million donation to the UCLA Ziman Center for Real Estate in order to fund the Steven C. Gordon Real Estate Student Endowment.

Thanksgiving at the Laugh Factory

The Laugh Factory is at it again with plans to host a free Thanksgiving dinner Thursday for anyone who’s hungry and has no place to go, LAist reports.

Reader Poll

Have you ever been on one of L.A.’s tour buses?

Stocks Rise; Xencor is Up, Unico American Tanks

The Dow Jones industrial average rose one point in Tuesday trading to close at 17,813. The S&P 500 was flat at 2,089. The Nasdaq rose 13 points to 5,116. The LABJ Stock Index rose one point to 245.

Lawsuit Alleges Sumner Redstone is Mentally Impaired

An ex-girlfriend of billionaire Sumner Redstone, who is 92, filed a lawsuit Wednesday, alleging that he is unable to make his own decisions and questions his mental faculties. Redstone, who is chairman of both Viacom Inc. and CBS Corp., has no succession plans in place, the Los Angeles Times reports. The lawsuit raises questions about his overall health and whether he is capable of continuing to oversee the affairs of both companies. However, one of Redstone’s attorneys referred to the lawsuit as “meritless” and an “invasion of privacy.”

Five Charged in Medical Fraud Scheme

Five people, including a former Long Beach hospital executive, have been charged by the Justice Department in related, long-running alleged kickback schemes involving almost $600 million in fraudulent billings by L.A. County hospitals.

Faraday Future Plans Big Reveal

While mystery has been surrounding Faraday Future, an electric-car company in Gardena that is modeling itself after Tesla Motors, company officials just announced they will offer a firsthand glimpse in January of their concept car at the 2016 Consumer Electronics Show in Las Vegas, the Motor Authority reports.

Tribune to Sell L.A. Property

Tribune Media will sell nearly 25 acres in downtown L.A.’s Arts District, a press release said. A printing plant leased by the Los Angeles Times newspaper and seven acres of frontage along Alameda Street are parts of the parcel offered for sale.

Aerojet Soars With Space Contract

Shares in Aerojet Rocketdyne Holdings Inc. on Tuesday leaped more than 12 percent following an announcement the company had won two major NASA contracts worth $1.4 billion.

SpaceX Challenged by Jeff Bezos’ Vertically Landing Rocket

Blue Origin of Kent, Wash. on Monday launched a rocket into space and landed it back on earth vertically, making history and creating serious competition for Elon Musk’s rocket company SpaceX.

Yelp: Burbank a Top City for Local Shopping

An increasing number of people are preparing to shop locally this holiday season – about 64 percent of Americans, says a Harris Poll commissioned by Yelp. And according to a new Yelp list, Burbank ranks as one of the “Top Places to Shop Local.”

Calpers Paid $3.4 Billion in Bonuses

The California Public Employees’ Retirement System disclosed Tuesday that it has paid $3.4 billion in performance fees since 1990 to its private equity managers who earned $24.2 billion for retirees from their investments, the Los Angeles Times reports.

CIM Buys Martha Washington Hotel in N.Y.

Public records have revealed that CIM Group paid $158 million for the Martha Washington Hotel in New York plus an additional $14 million for a second parcel next door, a real estate news site in New York reports. According to The Real Deal, the Los Angeles-based CIM bought the 256-room, 130,000-square-foot hotel earlier this month. The developer plans to renovate the property and rename it the Redbury Hotel New York.

Big Expectations for ‘Star Wars’

There are already predictions that “Star Wars: The Force Awakens,” a Walt Disney Studios and Lucasfilm production which is directed by J.J. Abrams, could have the biggest domestic opening in history when it is released nationwide Dec. 18, the Hollywood Reporter says.

Clippers’ Dancers Get Reality Show

The Los Angeles Clippers’ dance squad are getting their own reality show. USA Today reports that the series will debut next year on the E! Entertainment channel, and shows will delve into the lives of the dancers, starting with their tryouts.