X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WOODLAND HILLS, CA-Kearny Real Estate Co. and the Morgan Stanley Real Estate Funds have acquired Warner Center Business Park, a 15-building, 468,889-sf business park, from Alaska Permanent Fund and Harvard Endowment Fund.

Terms of the sale were not disclosed, but knowledgeable sources believe the buyers paid between $55 million and $60 million for the park, which was developed during the late 1970′s and the early 1980′s. The sellers had owned the park since the mid-1990s.

The business park is one of a number of office, industrial and retail developments that compose the Warner Center business and office district, one of the largest concentrations of suburban space in Los Angeles County. Warner Center Business Park, at the 101 freeway and Oxnard Street, consists of low-rise and mid-rise office, industrial and service buildings in a landscaped setting. Major tenants include Alliant Techsystems Inc., the University of Phoenix, Avnet Inc., OSI Consulting Inc. and University of West Los Angeles School of Law.

Partner David Simon of Los Angeles-based Kearny says the property appealed to the buyers because of its location and a continuing demand from users and investors to buy or lease small buildings. Kearny is a joint venture partner of the Morgan Stanley funds and has completed more than $2 billion of transactions over the last eight years with MSREF, which was established in 1992.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.