183,000 SF Building Purchased By Kaiser Foundation
LOS ANGELES - Kearny Real Estate Company, in partnership with Morgan Stanley Real Estate Investing, announced today that it has completed the sale of Kearny South Bay Business Park, the site of the former US headquarters for Nissan North America. The completion comes with the sale of the final building, a three-story, 183,400-square-
Kearny South Bay Business Park, a 42-acre complex located at 190th and Figueroa Street, is comprised of 13 low- and mid-rise office, light industrial and R&D buildings totaling 700,000 square-feet that falls within the City of Los Angeles and Carson. The campus was acquired by the Kearny-led partnership in October 2006 from Nissan North America, after the automaker, which had been headquartered at the site for more than 40 years, announced they were moving its operations and more than 1,300 jobs to Nashville, Tennessee. In repositioning the property, the partnership converted the single user campus to 13 upgraded stand-alone buildings.
With all 13 buildings sold for an aggregate price of just over $92 million, Kearny has now successfully repopulated the vacant site with a number of vibrant businesses in diverse sectors ranging from fashion, finance, high-tech manufacturing, automotive and health care services. Once Kaiser takes full occupancy of the final building, the campus is expected to employ more people than were previously working for Nissan. Other businesses at Kearny South Bay Business Park include Pacific Transportation Federal Credit Union, Fang Fashion, Qual-Pro, Simpson Housing, House of Howe, A-Sonic Logistics, Sushi Boy, EnPointe and Tire Co.
“This has been an extremely challenging and rewarding project and we are pleased to have played a role in negating the regional fiscal and economic impact created by the relocation of one of the area's largest employers,” says Kearny managing partner Jeff Dritley.
The Kearny-led partnership was represented in the transaction by John Ayoob of CB Richard Ellis. Kaiser Foundation was represented by Steve Solomon of Jones Lang LaSalle.
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