Morgan Stanley Investment Management’s real estate arm has sold a 1.2m sqft warehouse portfolio of four fully-leased assets on the US-Mexico border for $178m (€207m).
Morgan Stanley Real Estate Investing (MSREI), via its investment funds, sold the 735,000sqft portfolio of two assets in El Paso and the 500,000sqft portfolio of two assets in Laredo, Texas to two unnamed institutional investors in separate deals.
MSREI commenced construction on the four warehouses in 2022.
Will Milam, head of US investments at MSREI, said: “We are pleased with the successful development, leasing and sale of these warehouse assets. With a greater focus on supply chain resiliency, companies are increasingly seeking to diversify where they manufacture goods.
“One result has been a shift to manufacturing in Mexico and a dramatic increase in imports into the US, which is propelling warehouse demand along the US southern border.”
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