San Fernando Valley office deal completed

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Lee & Associates brokered the sale of an 80,014-square-foot office building in Canoga Park, Calif., for nearly $14.8 million. The four-story, class A facility is located at 6800 Owensmouth Ave., across from the Westfield Shoppingtown Topanga Mall. Northern California-based ECI Owensmouth LLC purchased the asset from Weinreb Family Trust. Built in 1986, the office building was 97 percent leased at the time of purchase with approximately 27 tenants, including Footlocker and the State of California. All businesses housed in the facility are regional companies with three- to 10-year leases. "This is a solid asset in a strong market," said Mark Leonard, a principal at Lee & Associates' Calabasas office. "Right now, office vacancy rates are low in this area at about 7 (percent) to 8 percent, so there's greater opportunity for a stronger return on this investment." Leonard said the buyer plans to upgrade the common areas of the facility. Lee & Associates provides commercia...