Manulife Investment Management has recently announced a $1.2 billion partnership with Scannell Properties and StepStone Real Estate, resulting in the recapitalization of 35 newly constructed Class A industrial assets across 17 markets within the U.S. This strategic move by Manulife Investment Management is a testament to their expertise in capitalizing on market opportunities and securing high-quality assets that are well-positioned for long-term success.
According to Jessica Harrison, head of U.S. acquisitions & capital markets for real estate at Manulife Investment Management, this investment is a reflection of the strong fundamentals within the industrial sector. She also emphasized their team’s commitment to working closely with Scannell Properties to further enhance value and execute their business plan for this portfolio.
StepStone Real Estate’s Head Jeff Giller echoed similar sentiments, highlighting how this investment showcases their strength as providers of strategic capital to institutional managers and operators. He expressed excitement about partnering with Manulife Investment Management on such a significant Class A industrial portfolio recapitalization.
The featured property in this transaction is Scannell’s Elgin Distribution Center located in Elgin, IL (pictured above). With proper execution of plans including completing construction, leasing up remaining vacancies,and implementing financing strategies upon stabilization,this partnership between Manulife Investment Managementand StepStone Real Estateis poisedfor great successinthe thrivingindustrial market.
