Manulife Investment Management and Crow Holdings Industrial announce development of a new state-of-the-art industrial property in Elmhurst, IL
Manulife Investment Management has announced the construction of a new 175,414 sq. ft. high-image warehouse facility at 955 Weigel in Elmhurst, Illinois, in partnership with Crow Holdings Industrial. The project aims to provide durable returns and is strategically located near O'Hare International Airport, with access to major expressways. This development is positioned to meet strong demand in sectors such as e-commerce and healthcare. The facility is expected to be completed in early 2021, enhancing Manulife's extensive real estate portfolio totaling over 63 million sq. ft.
- Development of a new 175,414 sq. ft. warehouse facility at 955 Weigel in Elmhurst, Illinois.
- Strategically located near O'Hare International Airport with access to major expressways.
- Positioned to meet increasing demand in e-commerce, food and beverage, and healthcare sectors.
- Partnership with Crow Holdings Industrial enhances development capabilities.
- None.
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BOSTON, Jan. 25, 2021 /PRNewswire/ - Manulife Investment Management today announced the development of 955 Weigel, a new high image warehouse facility in the heart of the Elmhurst, Illinois industrial corridor. The 175,414 square foot building was designed and developed in a partnership between Manulife Investment Management and Crow Holdings Industrial and will be delivered in early 2021.
"We are proud to be partnering with Crow Holdings Industrial to develop a new Class A facility in a prominent industrial location," said Rob Maulden, Global Head of Real Estate Development, Manulife Investment Management. "Our vision for this project is to create a first-class facility with long term durable returns for our partners."
The new facility is a full redevelopment of an outdated office and industrial site. Minutes from O'Hare International airport, 955 Weigel offers a one-of-a-kind location in DuPage County with quick access to I-290, I-355, and I-294. Just 20 minutes to downtown Chicago, the property is well located for companies seeking a superior O'Hare location with excellent access to labor and transportation.
"The Elmhurst industrial pocket offers uniquely low and projectable DuPage County property taxes while still providing all the convenient access to the airport," explained Matt Kurucz, Managing Director and Midwest market leader for Crow Holdings Industrial. "The O'Hare submarket is the heartbeat of Chicago industrial and 955 Weigel couldn't be any better located to capitalize on historically low vacancy rates."
The property is well positioned as the demand for industrial space remains strong among tenants in e-commerce, food and beverage, packaging and healthcare-related industries. The development of 955 Weigel will provide customers with a strong long-term solution to thrive in an ever-changing landscape.
Colliers International is the listing team on record for 955 Weigel. For more information about the property, please visit www.955weigel.com.
About Manulife Investment Management, Private Markets
Manulife Investment Management's comprehensive private markets capabilities include real estate, private equity and credit, infrastructure, timber and agriculture. Through its real estate group, Manulife Investment Management develops and manages commercial real estate for thousands of customers around the globe. As of September 30, 2020, the real estate portfolio totals over 63 million square feet of office, industrial, and retail space and over 6,000 multifamily units strategically located in markets across Canada, the U.S., and Asia. The group leverages its global platform and local expertise to provide market-leading solutions for its tenants and deliver results for its partners.
Additional information about our Real Estate group can be found at www.manulifeim.com/realestate.
About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 17 countries and territories. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.
As of September 30, 2020, Manulife Investment Management had CAD
About Crow Holdings
Crow Holdings is a privately owned real estate investment and development firm headquartered in Dallas, Texas. With a 70-year operating history and a strong track record of performance and innovation, the Company has extensive industry reach and access through its businesses' 15 U.S. offices. The investment management platform consists of Crow Holdings Capital and Crow Holdings Partners. The development platform consists of Trammell Crow Residential, Crow Holdings Industrial and Crow Holdings Office, and develops multifamily, industrial and office properties. CHI specializes in distribution, fulfillment and last mile properties in key logistics markets throughout the United States. For more information, please visit www.crowholdings.com/chi.
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SOURCE Manulife Investment Management
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