Bob Prendergast, a managing director at the Sherman Oaks, Calif. office of the Greenwich Group International, tells GlobeSt.com that the property's potential as a development site for apartments was "a big selling point" in the sale. Prendergast and managing director Adrian Goldstein of Greenwich, a real estate investment banking group, arranged the sale of the property. The site includes buildings at 6200 and 6250 Canoga Ave.

Prendergast says the 224,000 sf on the site includes a 104,000-sf office building that is leased primarily to Meridian Health Care, and a 120,000-sf warehouse that is used as a production facility for the TV show "24" by 20th Century Fox. Meridian is on a lease that runs through 2010 in the four-story, steel frame office building, which was constructed in 1980 and was renovated last year. Plans are for the office building to remain on the site. The warehouse, a one-story concrete tilt-up structure with mezzanine office space that was built in 1973, is expected to be razed to make way for the development by Houston-based Morgan, one of the country's largest apartment builders.

Goldstein describes the development potential of the site as "tremendous" because of its location in the middle of Warner Center, a planned development in the San Fernando Valley including offices, apartments, and other commercial and residential development. He says bidding was fierce for the property, which attracted more than 21 bids from local and national investors.

The Greenwich Group is based in New York. Seller Trizec Holdings is an affiliate of Chicago-based Trizec Properties Inc., one of the country's largest real estate investment trusts.