Morgan Stanley Investment Management (MSIM) has purchased a newly developed, 1.5m sqft distribution facility in Kansas City, Missouri, for $158.5m (€137m) from US real estate developer Hunt Midwest.
MSIM acquired the property through investment funds managed by Morgan Stanley Real Estate Investing (MSREI).
Hunt West developed the Class A logistics facility as a build-to-suit in 2025 as the first phase at KCI 29 Logistics Park, a 3,300-acre megasite, MSIM said in a statement.
“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 MSREI.
”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,” Gross added.
The facility is subject to a long-term net lease with Ace Hardware, the world’s largest hardware cooperative, with more than 5,300 locally owned and operated stores across more than 60 countries.
MSIM said that the purchase aligned with MSREI’s ongoing strategy of investing in mission-critical real estate leased to high-quality tenants.
KCI 29 Logistics Park, measuring half a mile from end to end, will support up to 20m sqft of industrial facilities, and is the largest distribution centre in Kansas City by building footprint.
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