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Morgan Stanley Real Estate Acquires Massive IOS Parcel
Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (MSREI), has acquired an industrial outdoor storage (IOS) facility located in Fontana for approximately $92 million. The property is subject to a long-term absolute triple-net lease with Oldcastle Infrastructure, a subsidiary of CRH plc, the world’s largest building materials company.
Located in Fontana’s Southwest Industrial Park, the rare 26-acre parcel is unique in scale, with virtually no comparable IOS parcels available in the region, according to MSREI. Oldcastle has operated at this location for over 30 years.
Will Milam, head of U.S. investments at MSREI, said, “This acquisition exemplifies MSREI’s strategy of sourcing and securing institutional-quality net lease investments in core logistics markets. The IOS facility is a mission-critical asset for Oldcastle and a cornerstone for regional infrastructure supply. We are excited to partner with them to support their long-term operational needs in Southern California.”
- ◦Sale/Acquisition
