CANOGA PARK, CA -- A
strong commercial real estate market bordering Warner Center that reportedly enjoys
economic advantages over its neighbor is reflected in the acquisition by Westlake Village,
CA investors of a four-story Class A office building in that area from Arden Realty, Inc.
for $8.4 million, announces Westcord Commercial Real Estate Services.
Tony Principe, executive
vice president of Westlake Village-based Westcord, reports that Owensmouth LLC purchased
the 80,000 sq. ft. office building strategically located at 6800 Owensmouth Ave., across
the street from Westfield Shopping Town.
Principe represented
Owensmouth LLC in its acquisition and will serve as exclusive marketing agent for the new
owners. He said the office building, which features steel construction with a
distinctive white stucco and dark glass facade, is 85 percent leased, leaving
approximately 10,000 sq. ft. available. He said the new owners, who own and have
developed numerous office projects throughout Ventura County, plan to perform extensive
renovation of the building's common areas.
Key tenants of the office building include the State of California, Hughes Credit Union,
Kinney Shoes, and the Department of Motor Vehicles. Principe said the building provides a
host of modern amenities, including all suites being pre-wired for high speed Internet and
other broadband services, four-to one surface and secured underground parking, two
elevators, numerous view offices, and a cafe within the building. "The buyers felt
this property was a high image asset in a quality market within the sphere of influence of
Warner Center and within walking distance to all surrounding amenities. Yet, because
it is on the fringe of Warner Center, we feel we can attract many tenants who don't want
to pay north of $2 per square foot for rent," said Principe.
Westcord is one of the Los
Angeles area's top 25 commercial real estate companies with offices in Westlake Village,
CA, and Van Nuys, CA. |
