Manulife Investment Management announces acquisition of best-in-class industrial business park in Bellingham, MA
Manulife Investment Management announced the acquisition of the Bellingham Logistics Center, a Class A industrial park in Bellingham, MA, comprising two buildings with a total area of 427,000 square feet. This strategic acquisition is aimed at enhancing their portfolio, capitalizing on the favorable market dynamics in the Greater Boston area, including strong rent growth and limited available land. The property is fully occupied by three high-quality tenants and is situated in a key industrial submarket, benefiting from its proximity to major transportation routes.
- Strategic acquisition enhances Manulife's portfolio with high-quality industrial assets.
- Located in a prime area with strong market fundamentals, indicating potential for future growth.
- Fully occupied by three high-quality tenants, providing immediate cash flow.
- None.
C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945
BOSTON, MA, Dec. 21, 2020 /PRNewswire/ - Manulife Investment Management today announced the recent acquisition of Bellingham Logistics Center, a two-building, 427,000 square foot, Class A industrial park in Bellingham, Massachusetts on behalf of a managed account. The property's greater Boston location benefits from extremely favorable market fundamentals, including strong rent growth, limited development, and limited available land for new supply.
Just south of Boston, the portfolio is located in the I-95 South Industrial submarket. The complex is located in a highly visible location along I-495, a major north-south thoroughfare, and 1.3 miles from the Route 140 and Maple Street intersection.
The industrial park sits on two separate land parcels totaling 86.6 acres with two freestanding buildings and is fully occupied by three high-quality tenants:
- 351 Maple Street is a 300,000 square foot distribution facility featuring 32' clear heights, 54 docks doors, two drive-in doors, LED lighting, full ESFR sprinkler system, 190' truck court depth, and 145 trailer parking spaces.
- 353 Maple Street is a 127,500 square foot distribution facility featuring 32' clear heights, 26 dock doors, two drive-in doors, LED lighting, full ESFR sprinkler system, and 140' truck court depth.
"The industrial market remains an attractive sector as the trend towards increased e-commerce has accelerated during the pandemic," said Pritesh Patel, Head of U.S. Real Estate Investments, Manulife Investment Management. "The addition of this state-of-the-art core investment serves as a next generation distribution facility that will complement and provide diversity to our existing portfolio."
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 the 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
View original content to download multimedia:http://www.prnewswire.com/news-releases/manulife-investment-management-announces-acquisition-of-best-in-class-industrial-business-park-in-bellingham-ma-301197084.html
SOURCE Manulife Investment Management
FAQ
What is the acquisition announced by Manulife Investment Management?
What are the details of the Bellingham Logistics Center acquisition?
How does the Bellingham acquisition impact Manulife's portfolio?
When was the Bellingham Logistics Center acquisition announced?
What are the expected benefits of the Bellingham Logistics Center acquisition?
