Manulife Investment Management has recently announced a partnership with Scannell Properties and StepStone Real Estate to recapitalize a portfolio of 35 newly constructed Class A industrial assets in the U.S. The total value of this investment is $1.2 billion, covering 10.4 million square feet across 17 markets.
According to Jessica Harrison, head of U.S. acquisitions & capital markets for real estate at Manulife Investment Management, this investment presents an excellent opportunity to take advantage of the current market conditions and gain access to a portfolio that is well-positioned for long-term success in the logistics industry. With companies reevaluating their supply chain needs and advancements in automation technology, there is strong demand for industrial properties.
Harrison also stated that Manulife’s team will work closely with Scannell Properties to add value and execute the business plan for this portfolio which includes completing construction, leasing up remaining vacancies, as well as implementing financing and disposition strategies once stabilization has been achieved.
Jeff Giller from StepStone Real Estate added that their involvement in this partnership showcases their ability to provide strategic capital solutions for institutional managers and operators alike. They are excited about partnering with Manulife on such a significant recapitalization project involving high-quality Class A industrial assets.
The featured property within this portfolio is Scannell’s Elgin Distribution Center located in Elgin IL (pictured above). This announcement marks another successful collaboration between major players within the commercial real estate industry.
