NEW YORK — December 15, 2025

Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (MSREI), announced today the acquisition of 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.

“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 Morgan Stanley Real Estate Investing. “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.”

The property is uniquely situated adjacent to LAX in West LA and provides unparalleled distribution access to some of the region’s most affluent communities including Santa Monica, Brentwood and Beverly Hills, and their three million residents.

MSREI recently announced the sale leaseback of a 26-acre IOS facility in Fontana, CA, for Oldcastle Infrastructure in November 2025. With this West LA facility, MSREI has acquired approximately $1.5 billion of U.S. industrial assets this year bringing its U.S. industrial portfolio to more than 75 million square feet.

Commenting on the asset class, Will Milam, Head of U.S. Investments at Morgan Stanley Real Estate Investing, said: “The rise of e-commerce has fundamentally increased demand for well-located, modern logistics assets which we believe are critical infrastructure for today’s economy and offer strong, long-term growth.”

About MorningStar Senior Living

An integrated developer, owner and operator of premier retirement communities, MorningStar’s portfolio encompasses 40 properties under operation or development representing 5,000+ units under management or in development in 11 states in the Midwest and Western United States. In our home state of Colorado we have 14 communities, employing over 1300 people. Offering independent living, assisted living and memory care, MorningStar is privileged to elevate life for those who taught the rest of us how to live. For more, visit morningstarseniorliving.com

About Morgan Stanley Real Estate Investing

Morgan Stanley Real Estate Investing (MSREI) is the global private real estate investment management business of Morgan Stanley. One of the most active property investors in the world for over three decades, MSREI employs a patient, disciplined approach through global value-add / opportunistic and regional core / core-plus real estate investment strategies. With 17 offices throughout the U.S., Europe and Asia, regional teams of dedicated real estate professionals combine a unique global perspective with local presence and significant transaction execution expertise. MSREI currently manages $55 billion of gross real estate assets worldwide on behalf of its clients.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.8 trillion in assets under management or supervision as of September 30, 2024. Morgan Stanley Investment Management strives to provide strong long-term investment performance, outstanding service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.