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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.

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