Newcastle Towers, a 66-unit apartment complex in Encino, sold for $14.8 million.

It represents the largest multifamily sale to take place in the San Fernando Valley this year, in terms of sales price as of March, according to CoStar Group Inc.

Spanning 71,800 square feet at 5415 Newcastle Ave., Newcastle Towers is a multi-courtyard property built in 1964. It features 66 market-rate apartment units and boasts a communal pool.

“We implemented a comprehensive and strategic marketing campaign that showcased the property to a wide range of qualified buyers, conducting countless property tours which resulted in multiple offers and driving a competitive environment,” Daniel Withers, a senior vice president at Nashville-based commercial real estate brokerage firm Matthews Real Estate Investment Services, said in a statement. “Our ability to source high-quality buyers through both our network and external channels contributed to the success of the sale.”

Withers, who works out of Matthews’ Encino office, along with Jeff Louks, executive managing director of investments at Calabasas-based brokerage Marcus & Millichap, advised seller Encino Newcastle Property in the disposition of the complex. The seller was “aiming to streamline their portfolio,” according to a release. The buyer was a private investor.

— Brynn Shaffer

Gym Focuses on Bungee

Air Fit Bungee seeks to strike a chord with the Burbank community – a bungee cord, that is.

Inspired by the bungee fitness movement which began in Thailand in 2016, Cassandra Bellantoni founded Air Fit Bungee, which had its grand opening in February, to provide a high calorie burning workout aimed at making everyone feel like a kid.

Bellantoni said she gravitates toward the bungee exercise concept because of its versatility in attracting people of all ages which aligns well with Burbank’s culture.

“I just thought to myself, ‘This is what Burbank needs. This is what I need,’” Bellantoni said.

A hub for families and entertainment, Burbank brings in a solid mix of parents, children and grandparents, as well folks working in the major studios, who Bellantoni said love to bungee on their lunch breaks or after a shift.

Open seven days a week, Air Fit Bungee offers classes for a variety of skill levels and catered to specific age groups, including classes for children over 50 pounds. Currently, pricing sits around $25 per class, though the studio offers discounts for packages and for classes at more unpopular times such as midweek mornings and afternoons.

Because bungee fitness is low-impact and easy on the joints and ankles, it also attracts an older crowd as they can work on their cardio with lower risk of injury. This is why Bellantoni is launching a “healthy for life” class geared toward people over 55.

“I’m 65 so I never did a burpee in my life until I got in a bungee,” Bellantoni said with a smile. “But now I can do burpees and so many other things that I could never do outside of a bungee. That’s why I wanted to offer classes to older people too… to show them that anybody can get in the bungee.”

In addition to cardio-centric work, the studio also offers aerial yoga and will soon be launching Pilates with FitSprings to alleviate some of the pressure the body endures during traditional Pilates.

Getting to watch the community connect over the quirky exercise routine has been rewarding for Bellantoni who says she has been pleasantly surprised to see how many men enjoy the classes too.

“It’s very fun, and men love it too,” she said. “I’ve been shocked at how many men come in … and they tell me, ‘This is better than being on my Peloton and I’m burning more calories and having more fun.”

— Kennedy Zak

BrainStim Centers Opens in Lancaster

Valencia-based BrainStim Centers Inc., which applies a cranial stimulation device to treat patients with mental disorders, has opened a new treatment facility next to Antelope Valley Medical Center in Lancaster.

BrainStim Centers was founded in 2000 by neurosurgeon Mark Liker to bring to market technology he developed that combines cranial stimulation with neurosurgery techniques. The technology consists of targeted and low-intensity magnetic pulses to stimulate underactive areas of the brain and help establish new neural pathways.

BrainStim’s technology is aimed at patients suffering from a wide range of brain disorders, including autism, traumatic brain injury, post-traumatic stress disorder, attention deficit hyperactivity disorder and an array of anxiety and substance abuse disorders.

This is company’s fourth treatment center; besides Valencia, it has offices in Calabasas and Cancun, Mexico.

According to the opening announcement, the location in Lancaster – next to Antelope Valley Medical Center – was chosen because of its proximity to Edwards Air Force Base.

“Many service members are reluctant to seek traditional mental health treatment due to concerns about medication side effects and the potential impact on their careers,” the announcement said

BrainStim signed a three-year lease for 1,800 square feet of space in a two-story building at 44151 15th St. West in Lancaster. Financial terms have not been disclosed.

Besides providing the cranial stimulation treatments, Liker said the Lancaster center will conduct clinical trials to lay the groundwork for future United States Food and Drug Administration approvals for broader applications of the technology.

— Howard Fine

Glendale Office Tower Sells

A large office tower in Glendale traded hands earlier this year for an undisclosed sum.

The property, at 505 N. Brand Blvd., is 329,431 square feet. A partnership between Landrock LP and Pendulum Property Partners purchased the property, which recently underwent at $14 million renovation.

Newmark’s Kevin Shannon, Ken White, Rob Hannan, Michael Moll, Laura Stumm, Kevin Donner, Ben Lushing and Alex Beaton represented the undisclosed seller in the transaction. Newmark’s Jonathan Firestone, Blake Thompson and Henry Cassiday led financing for the property.

“Pendulum and Landrock’s acquisition represents a broader trend of institutional operators and capital re-entering the office sector for best-in-class product,” Shannon said in a statement. “There is more conviction that 2025 office product will be a good vintage, similar to 2009.”

The property is leased to 19 tenants with a weighted average remaining lease term of 4.2 years.

“Our partnership was drawn to the dynamic tenant base, safety and amenities in the Glendale market, and we believe that differentiated product at favorable pricing will continue to outperform the broader submarket,” Dan Wagman, a partner at Pendulum Property Partners, said.

— Hannah Welk

Zest AI Launches New Product

Zest AI, a fintech company based in Burbank that leverages artificial intelligence for credit unions, banks and specialty lending firms, announced a new product offering in late February aimed at credit unions.

The new offering, LuLu Pulse, uses generative artificial intelligence and data analytics to give credit unions more insight on the long-term risks of lending in certain environments. Companies can go through forecasted economic data, understand credit risk management and streamline lending operations.

The platform is customized to tailor to the specific business sector the bank is looking into – industries that rely on niche economic prospectives, like the health of the housing market vs. shipping consumer goods, won’t be able to rely on general data.

“In an environment where 73% of lenders lack effective analytics capabilities, LuLu Pulse emerges as a first-of-its-kind solution that offers financial institutions a streamlined path to deep, customized insights that help them thrive in an increasingly competitive and AI-driven future,” Mike de Vere, chief executive at Zest AI, said in a statement. “We’ve eliminated the technical barriers – decision makers now have the intelligence they didn’t have before to surface impactful insights to improve their lending operations and decisions.”

— Keerthi Vedantam