Insurance Firm Buys $3.125M Building

CHATSWORTH, CA-An insurance business operated by Mike and Jane Heagerty bought a 34,000-sf office building at 9310 Topanga Canyon Blvd. from Tribune Topanga Group, a family-owned investment group, for $3.125 million.

Tim Foutz of NAI Capital Commercial, who represented the seller, tells GlobeSt.com that the new owners will occupy the 17,000-sf ground floor of the building.

Foutz says the new owners will expand from about 8,500 sf of office space in Glendale, Calif. He says the second floor, also approximately 17,000 sf, is fully leased to three office tenants.

Foutz says the insurance firm also owns the building that it is moving out of in Glendale, and is offering that space for lease.

Justin Moore of Cushman & Wakefield represented the buyers.

The two-story, concrete tilt-up building was constructed in 1980, and the seller had owned it for about six years.

Demand for small owner-user buildings is high in Chatsworth, as it is elsewhere in Southern California, Foutz tells GlobeSt.com, but the supply of buildings for sale is limited.