Morgan Stanley Investment Management has acquired a 1.5 million-square-foot distribution facility in Kansas City, Missouri, for $158.5 million.
The facility, developed by Hunt Midwest as a build-to-suit project in 2025, is part of the KCI 29 Logistics Park and serves as a key logistics hub for Ace Hardware.
The acquisition was completed through an off-market transaction with the assistance of Mark Long and John Hassler from Newmark Zimmer.
This strategic purchase enhances Morgan Stanley Real Estate Investing's net lease portfolio by adding a vital component of Ace Hardware's supply chain.
"This acquisition reflects our continued conviction in high-quality net lease investments that combine strong tenant credit, mission-critical operations and institutional-quality real estate," said David Gross, Managing Director at Morgan Stanley Real Estate Investing. "The facility is a best-in-class, highly automated logistics asset strategically located in Kansas City, one of the country's most important distribution markets.”