Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (MSREI), announced today the acquisition of an industrial outdoor storage (IOS) facility located in Southern California 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.

Commenting on the transaction, Will Milam, Head of U.S. Investments at Morgan Stanley Real Estate Investing, 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.”

Located in Fontana, CA’s Southwest Industrial Park, the rare 26-acre parcel is unique in scale, with virtually no comparable IOS parcels available in the region. Oldcastle has operated at this location for over 30 years.

“By shifting property expenses, taxes, and maintenance obligations to the tenant, net lease structures mitigate real estate owners’ exposure to volatility and unexpected costs, making net lease cash flows among the most predictable in real estate,” said Lauren Hochfelder, Co-CEO of Morgan Stanley Real Estate Investing. “Beyond the benefits of net lease, we expect U.S. industrial to benefit from the continued supply chain realignment, including increased onshoring of manufacturing.”

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 $54 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 approximately 1,400 investment professionals around the world and $1.8 trillion in assets under management or supervision as of September 30, 2025. 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.

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