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BOSTON, July 27, 2021 /PRNewswire/ - Manulife
Investment Management announced today the acquisition of the Joliet
Logistics Center, a state-of-the-art logistics facility in
Joliet, Illinois. Acquired on
behalf of a managed account, the one million square foot, Class A
property is located in the I-80 corridor, one of Chicago's top institutional submarkets.
Just 30 miles southwest of downtown Chicago, the Joliet submarket is home to a large number of
modern distribution centers that service the population of
Chicago and the surrounding
Midwest region. The Chicago
industrial market continues to attract a wide variety of tenants
across all industries, due to its central location, excellent
transportation infrastructure, and strong labor pool.
The best-in-class property sits on a 60-acre site and consists
of a one million square foot, cross-docked building, with 36' clear
heights, 50'x54' column spacing, 226 dock doors, four drive-in
doors, an ESFR sprinkler system, , and LED light fixtures. The
asset is leased on a long-term basis to one of the world's largest
automobile manufacturers.
"The Joliet Logistics Center represents an opportunity to
acquire a strong core industrial asset in one of the deepest,
institutional industrial markets in the country," said Pritesh Patel, Head of U.S. Real Estate
Investments, Manulife Investment Management. "The acquisition of
this state-of-the-art facility is a strong addition to our existing
portfolio in the greater Chicago
region."
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 March 31,
2021, the real estate portfolio totals 63 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 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 March 31, 2021, Manulife
Investment Management had CAD $764.1
billion (US $607.6 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