Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (MSREI), said Monday it had acquired a last-mile delivery distribution facility adjacent to Los Angeles International Airport (LAX) that is long-term net leased to a major multinational e-commerce retailer. The $211-million acquisition includes a newly developed Class A distribution building and an industrial outdoor storage (IOS) parking site on 19 acres of land.
According to CoStar, the project is the 143,060-square-foot facility at 5705 W. 98th St. in West Los Angeles, which Torrance-based Overton Moore Properties developed as a build-to-suit for Amazon. Overton Moore purchased the site for $115 million in 2020.
“We are pleased to acquire this facility in a highly strategic distribution location, underscoring our continued strategy of securing key net lease investments in core logistics markets,” said David Gross, managing director at MSREI. “This facility in particular is a critical asset for distribution and logistics needs in a significant region of Southern California where both a lack of space and regulatory hurdles present development constraints.”
