Morgan Stanley Real Estate Investing Completes Sale of 352,000-SF Pharmaceutical Facility in New Albany, Ohio
Morgan Stanley Real Estate Investing has completed the sale of a 352,000-square-foot pharmaceutical manufacturing and distribution facility in New Albany, Ohio, the firm announced February 12, 2026. The industrial transaction marks an exit from an asset developed through a partnership with Vitrian.
Industrial Asset Details
The Class A industrial facility features FDA-regulated cGMP cleanroom infrastructure and was built in 2022. The property was fully leased long-term to Him & Hers Health, Inc. (NYSE: HIMS) prior to the sale. JLL served as financial advisor on the transaction. The buyer, sale price, and cap rate were not disclosed.
Morgan Stanley Real Estate Investing and Vitrian partnered on the asset, with the sale completing in February 2026.
New Albany Market Context
The New Albany area has attracted $36 billion in corporate investment since 2021 across data centers, semiconductors, pharmaceuticals, and related sectors.
"The aging population in the U.S. is driving increased demand for healthcare real estate," said Will Milam, Head of MSREI U.S., in the announcement. "Additionally, the reshoring of U.S. manufacturing, particularly in markets like New Albany, presents compelling investment opportunities."
Strategic Rationale
Morgan Stanley Real Estate Investing's disposition capitalized on healthcare infrastructure demand and pharmaceutical manufacturing reshoring trends. The firm secured Him & Hers Health, Inc. as tenant prior to sale.
Vitrian, the co-investment partner, specializes in biomanufacturing and supply chain facilities.
Market Implications
The transaction reflects institutional investor activity in industrial real estate in secondary markets. Healthcare-focused industrial facilities continue to attract investment due to demographic trends and pharmaceutical supply chain considerations.
Morgan Stanley Real Estate Investing operates as the real estate platform within Morgan Stanley Investment Management, focusing on opportunistic and value-add strategies across property types.