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.