JV SELLS 1.4 MILLION SQ. FT. OF L.A. AREA INDUSTRIAL SPACE FOR $40 MILLION

HAWTHORNE, CALIF. — A partnership of Kearny Real Estate Co. and Morgan Stanley Real Estate Fund V has sold 1.4 million square feet of industrial and manufacturing space, located at 190th and Figueroa Street within the Century Business Center in Hawthorne, to Buchanan Street Partners and Zelman Development Co. for $40 million. The entire space is leased by Vought Aircraft Industries, which recently renewed its space commitment through 2015. The sale involves one five-story, 254,000-square-foot office building and six industrial manufacturing buildings, including a 1 million-square-foot facility used by Vought as the sole manufacturing center for fuselage panels for Boeing's 747 aircraft. Kearny was represented by Fisher Corporate Real Estate’s Jeff Kernochan and Bill Palmer of The Palmer Team; Buchanan Street Partners and Zelman Development were represented in-house.