The private real estate arm of Morgan Stanley Investment Management has added a $211m asset to its US industrial portfolio.
Morgan Stanley Real Estate Investing (MSREI) has acquired the last-mile distribution facility adjacent to Los Angeles International Airport (LAX) that is net leased to a multinational e-commerce retailer.
The acquisition includes a new distribution building and an industrial outdoor storage parking site and includes a new distribution building and an industrial outdoor storage parking site on 19 acres of land.
David Gross, managing director at Morgan Stanley Real Estate Investing, said: “We are pleased to acquire this facility in a highly strategic distribution location, underscoring our continued strategy of securing key net lease investments in core logistics markets.
“This facility in particular is a critical asset for distribution and logistics needs in a significant region of Southern California where both a lack of space and regulatory hurdles present development constraints.”
Will Milam, head of US investments at Morgan Stanley Real Estate Investing, said: “The rise of e-commerce has fundamentally increased demand for well-located, modern logistics assets which we believe are critical infrastructure for today’s economy and offer strong, long-term growth.”
With the addition of the West LA facility, MSREI has acquired approximately $1.5bn in US industrial assets this year, lifting its total US industrial portfolio to more than 75m sqft.
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