LOS ANGELES-Kearny Real Estate Co. of Los Angeles and Morgan Stanley Real Estate have closed on the 42-acre former headquarters campus of Nissan North America, which the buyers plan to redevelop and reposition. Terms of the purchase were undisclosed, but the deal is believed to be north of $75 million.
The campus, at 190th and Figueroa streets with property in the cities of Los Angeles and Carson, includes both office and light industrial space in buildings that range from 14,000 sf to 208,000 sf. The site served as the North American home to Nissan from 1972 until the Japanese automaker's move to Tennessee this year.
The 13 buildings on the campus include the nine-story, 120,000-sf former Nissan North America headquarters office tower on Figueroa Street adjacent to the Harbor Freeway. Jeff Dritley, Kearny managing partner says that the new owners plan "significant capital improvements" before returning the individual buildings to market for sale and/or lease.
Dritley says that initial plans call for filling the campus with small and midsized businesses "which have been the steady drivers of job growth in L.A. County over the past decade." However, he adds, "If fortunate enough, we certainly would work with a large user that wants to take a significant portion of the campus."
Morgan Stanley is involved in the project via its MSREF US entity. Michael Franco, managing director and head of MSREF US, says that the acquisition of the Nissan campus is part of MSREF's focus on Southern California as a desirable investment market.
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