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Morgan Stanley buys Kansas City Ace Hardware distribution facility for $158.5M
The 1.5 million-square-foot property is covered by a long-term net lease with Ace Hardware and sits within the 3,300-acre KCI 29 Logistics Park.
Morgan Stanley Investment Management, via investment funds managed by Morgan Stanley Real Estate Investing, acquired a newly developed distribution facility in Kansas City, Missouri, for $158.5 million, according to ConnectCRE.
The deal covers a 1.5 million-square-foot warehouse that Hunt Midwest developed as a build-to-suit in 2025, the first phase of KCI 29 Logistics Park.
The facility is subject to a long-term net lease with Ace Hardware. ConnectCRE also notes the site is the largest distribution center in Kansas City by building footprint, at roughly half a mile end to end.
Morgan Stanley Real Estate Investing said the acquisition reflects its view of net lease investments that combine tenant credit, mission-critical operations, and institutional-quality real estate. ConnectCRE reports the transaction was facilitated off-market by Mark Long and John Hassler of Newmark Zimmer.