Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing, acquired a newly developed 1.5 million-square-foot distribution facility in Kansas City, Missouri, for $158.5 million.

The property was acquired from Hunt Midwest, which developed the logistics facility 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. The property was acquired through an off-market transaction facilitated by Mark Long and John Hassler of Newmark Zimmer.

“This acquisition reflects our continued conviction in high-quality net lease investments that combine strong tenant credit, mission-critical operations and institutional-quality real estate,” said David Gross, Managing Director at Morgan Stanley Real Estate Investing.

The Ace Hardware facility is located within KCI 29 Logistics Park, a 3,300-acre megasite, which will support up to 20 million square feet of industrial facilities. Measuring a half mile from end to end, the new facility is the largest distribution center in Kansas City by building footprint.

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