This is one of two local office deals that have closed recently.The second was a $9.6-million sale in Los Angeles that traded at a5.5% cap rate despite the difficult capital-marketsenvironment.

|

The buyer of the 5900 Canoga Ave. building was Larkspur-basedVenture Corp., according to Colliers International, which brokeredthe deal. The four-story, multi-tenant building was completed in1979 and is in Warner Center, one of the largest and most popularoffice complexes in the San Fernando Valley.

|

Venture Corp. plans to rename the property Venture WarnerCenter, according to senior vice president John DeGrinis and vicepresident Roger Beck of Colliers International's Encino office, whopoint out that the conversion will create the first office condosuites of their kind in the area. DeGrinis and Beck representedboth Venture Corp. and the seller, consumer electronics tradingcompany Ashrad LLC of Van Nuys.

|

[IMGCAP(2)]In the other recently closed deal, a locally basedbuyer acquired a 24,110-sf multi-tenant office building at 2211Corinth Ave. in Los Angeles from PMI Financial for $9.6 million inan off-market transaction, according to Madison Partners. Theproperty is a three-story building on about a third of an acre,according to principal Bob Safai of Los Angeles-based MadisonPartners, who represented the buyer. Safai notes that the propertytraded at a 5.5% cap despite the credit crunch.

|

Built in 1988 and renovated in 1998, Corinth Gardens is anivy-covered Mediterranean-style building that features a landscapedcourtyard with water features. Safai notes that the building offersabove-standard improvements including skylights, private balconies,high ceilings and operable windows. It is in the Olympic Corridorsubmarket, just south of Olympic Boulevard near the Interstate 10Freeway.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.