The sale involves one five-story building of 254,000 square feet and six industrial manufacturing buildings including a one-million-square-foot facility used by Vought as the sole manufacturing center of fuselage panels for Boeing's 747 aircraft. The 43-acre property is one of only 10 industrial sites in the Los Angeles region with more than one million square feet on 40 acres.

Tim Ballard, president and chief investment officer of Buchanan Street Partners, says that the acquisition presented "a unique opportunity for the partnership," thanks to its location, favorable acquisition basis and strong tenancy. He notes that Century Business Center represents one of the largest contiguous industrial sites in Los Angeles and is in a submarket with a 4.4%vacancy rate.

Kearny was represented by Jeff Kernochan of Fisher Corporate Real Estate and Bill Palmer of the Palmer Team. Buchanan Street Partners and Zelman Development were represented in-house.

Kearny acquired the site in 2005 from Vought, a subsidiary of the Carlyle Group, and leased back the Western portion to the Dallas-based company. In repositioning the property as Century Business Center, Kearny marketed the remaining 15 buildings on the Eastern portion totaling 785,000 square feet to a variety of users. Kearny also razed approximately 350,000 square feet of obsolete buildings and aircraft hangars on the eastern half of the site to make way for 203,000 square feet of new industrial development in the form of small industrial buildings ranging from 5,700 square feet to 20,000 square feet. The new development is currently 64% sold or leased.

In the past five years, Kearny has redeveloped the Vought Manufacturing Facility and former US headquarters for Nissan North America, which was left vacant after the automaker relocated from Carson to Tennessee in 2006.The 42-acre complex at 190th and Figueroa Street, which is now known as Kearny South Bay Business Park, is now 100% occupied by businesses in fashion, finance, high-tech manufacturing, automotive and health care services.