Morgan Stanley Investment Management (MSREI) acquired a 1.5 million-square-foot distribution facility in Kansas City, Missouri. The firm paid $158.5 million for the newly developed Class A logistics property. MSREI purchased the asset from developer Hunt Midwest in an off-market transaction.
Ace Hardware occupies the entire facility as a mission-critical Retail Support Center. The tenant operates under a long-term net lease within the highly automated asset. The property marks the first phase of the KCI 29 Logistics Park.
Managing Director David Gross stated the acquisition aligns with a strategy for high-quality real estate and strong tenant credit. The transaction highlights continued institutional demand for modern logistics facilities. This asset class remains a key segment for real estate ETFs including VNQ and IYR.