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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$923
billion (US$692 billion) in
assets under management and administration. Not all
offerings are available in all jurisdictions. For
additional information, please visit manulifeim.com.
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SOURCE Manulife Investment Management