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Manulife Teams with Foundry Commercial for Industrial Outdoor Storage Venture
Manulife Investment Management has launched a strategic partnership with Foundry Commercial to acquire, develop and lease industrial outdoor storage (IOS) sites in key infill industrial markets throughout the Southeast and Southwest. Terms were not disclosed.
The portfolio consists of 10 sites located in Atlanta, Nashville, Dallas-Fort Worth and Jacksonville. Three of the sites have completed construction and were acquired by Manulife IM directly. The remainder will be developed in partnership with Foundry.
“Our investment in IOS is part of a larger alternatives strategy to invest in industrial and residential adjacent sectors with significant tailwinds,” said Jessica Harrison, head of transactions & capital markets, real estate equity, U.S. at Boston-based Manulife IM. “Partnering with Foundry was a logical choice given their extensive expertise as a top tier industrial developer and considerable knowledge in IOS.”
Headquartered in Orlando, Foundry Commercial has deployed more than $4.4 billion across 30 million square feet of projects and currently has $2.7 billion in assets under management.
“Targeting IOS, which shares the same drivers as industrial with a fraction of the capital costs, we continue to see the benefits of our vertically integrated platform with leading local execution capabilities in today’s environment by unlocking investment opportunities that are unavailable to the general marketplace,” said principal Rick Coe, who leads IOS investments for Foundry.
Pictured: A Foundry Commercial IOS site in McDonough, GA.
- ◦Sale/Acquisition
- ◦Development
