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CANOGA PARK, CA-An investor based in Northern California has paid $14.75 million for an 80,000-sf office property at 6800 Owensmouth Ave. and plans to capitalize on the tight local market by upgrading the common areas. The buyer was ECI Owensmouth LLC, according to SVP Mark Leonard of the Calabasas office of Lee & Associates, who represented ECI.

Leonard notes that the property is a four-story, class-A development that is situated across from the Westfield Shoppingtown Topanga Mall. Leonard also represented the seller, Weinreb Family Trust.

Leonard calls the building “a solid asset in a strong market,” pointing out that office vacancy rates in the surrounding submarket are running at about 7% to 8%. Built in 1986, the office building is 97% leased with approximately 27 tenants, including Footlocker and the State of California. All of the tenants are regional companies with leases of three to 10 years.

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