Manulife Investment Management announces lease deal with CJ Logistics at Class A distribution facility in Locust Grove, Georgia
Manulife Investment Management signed a significant 1,000,000 square foot lease with CJ Logistics America at the Locust Grove Distribution Center in Georgia. The facility, part of a 311-acre business park, features state-of-the-art design including 36' clear heights and 146 dock doors. This strategic move expands Manulife's industrial portfolio in a robust market characterized by low vacancy rates and strong rental growth. With assets under management totaling CAD $1.0 trillion (US $834 billion) as of June 30, 2021, the company continues to leverage its global platform for growth.
- Expansion of industrial portfolio with a long-term lease at a prime facility in a high-demand market.
- Strategic location in Atlanta, featuring strong logistical advantages.
- Market conditions show low vacancy rates and high rental growth, indicating a favorable investment climate.
- None.
US$ unless otherwise stated
TSX/NYSE/PSE: MFC SEHK: 945
BOSTON, Oct. 4, 2021 /PRNewswire/ - Manulife Investment Management, together with Reliant Real Estate Partners ("Reliant"), today announced the signing of a 1,000,000 square foot lease at Locust Grove Distribution Center.
CJ Logistics America signed a full-building, long-term lease at 700 Price Drive in Locust Grove, Georgia. Part of a 311-acre business park, Locust Grove Distribution Center is a recently constructed, state-of-the-art, Class A industrial facility featuring dedicated ingress and egress, 36' clear heights, ample trailer parking, and 146 dock doors.
Atlanta, Georgia is the largest industrial market in the southeast and fourth largest in the United States. The city's mature and extensive transportation network includes the busiest passenger airport in the world, three major interstate highways, and the port of Savannah within a three-hour drive. This location provides excellent access to both local and regional distribution, convenient amenities, and access to a highly skilled and growing labor force.
"Locust Grove Distribution Center was developed as a strong core industrial asset in one of the best performing industrial markets in the country," said Erik Gustafson, head of U.S. real estate asset management at Manulife Investment Management. "Not only did it allow us to expand our industrial portfolio in the U.S., but to provide the perfect opportunity for a growing company to expand in the southeastern region."
"Atlanta's industrial market is experiencing record net absorption, solid rental rate growth, and historic low vacancy rates, which is a testament to the region's pro-business environment," said Tyler Fann, co-founder and principal of Reliant Real Estate Partners. "Locust Grove Distribution Center is well positioned to not only be a sound investment for Manulife Investment Management, but to also help CJ Logistics drive continued growth in its business."
Reliant's Tyler Fann and Adam Richards oversee industrial leasing for Locust Grove Distribution Center. CJ Logistics America was represented by Lynn Reich, Suzanne Serino, Sean Boswell, and Scott Plomgren of Colliers International.
Manulife Investment Management develops and manages commercial real estate for thousands of customers around the globe as part of its comprehensive private markets' capabilities. As of June 30, 2021, the real estate portfolio totals over 62 million square feet of office, industrial, and retail space 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.
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 18 geographies. 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 June 30, 2021, Manulife Investment Management's assets under management and administration, including assets managed for Manulife's other segments, totaled CAD
About Reliant Real Estate Partners
Reliant Real Estate Partners is a full-service industrial real estate firm offering brokerage, investment, development, and property management services. Founded in 2013, the Reliant team has been involved in more than 50 million square feet of commercial real estate transactions totaling over
View original content to download multimedia:https://www.prnewswire.com/news-releases/manulife-investment-management-announces-lease-deal-with-cj-logistics-at-class-a-distribution-facility-in-locust-grove-georgia-301391818.html
SOURCE Manulife Investment Management
