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Scannell Properties, Manulife Secure $463M for Industrial Portfolio
JLL has arranged $463 million in financing for a 13-property portfolio of the broader Manulife Investment Management and Scannell Properties $1.2 billion recapitalization.
JLL’s Capital Markets team was led by Senior Managing Directors Keith Largay and Ken Martin, Associate Tara Hagerty and Analyst Tucker Dixon. The financing was provided by Oxford Properties Group. “Even in today’s interest rate environment, the lending community remains highly liquid for best-in-class industrial product within strong distribution markets,” Largay said.
The sub-portfolio that was financed included 13 properties located in eight major distribution markets across the country. Nearly all the buildings were built on a speculative basis and are currently 50 percent leased.
Earlier this month, Manulife Investment Management formed a $1.2-billion partnership with Scannell Properties and StepStone Real Estate, facilitating the recapitalization of 35 newly constructed Class A industrial assets spanning 10.4 million square feet across 17 U.S. markets.
