Morgan Stanley Real Estate Investing has acquired a newly developed class-A logistics facility in Stafford, Virginia for $172.1m (€205m).
The real estate investment arm of Morgan Stanley Investment Management bought the 935,000sqft industrial asset, which is fully leased under a long-term net agreement to JE Richards and guaranteed by parent company Quanta Services.
The cross-dock facility was constructed this year.
David Gross, managing director at Morgan Stanley Real Estate Investing, said: “This acquisition represents an opportunity to invest in a newly developed, high-quality industrial asset supported by strong tenant credit and compelling long-term demand drivers.
“The Northern Virginia region continues to benefit from significant investment in digital infrastructure, which is creating opportunities across the broader ecosystem of businesses and real estate that support its continued expansion.”
To read the latest IPE Real Assets magazine click here.
