One in all Scannell’s latest developments is the 1 million-square-foot Gardner Logistics Park in Atlanta. This property just isn’t confirmed as being a part of the recapitalized portfolio. Picture courtesy of Cushman & Wakefield
Manulife Funding Administration has entered right into a partnership with StepStone Actual Property for the recapitalization of a ten.4 million-square-foot industrial portfolio owned by Scannell Properties. The 35 properties are valued at $1.2 billion and are all lately constructed Class A industrial buildings unfold throughout 17 U.S. markets.
The deal secured capital within the type of extra liquidity for Scannell Properties’ portfolio. It additionally supplies a robust alternative for Manulife to entry well-positioned properties and capitalize on long-term demand for logistics area within the present industrial sector, stated Manulife Funding Administration’s Head of U.S. Acquisitions & Capital Markets Jessica Harrison, in ready remarks.
The partnership will work to execute the marketing strategy of the portfolio, together with constructing completions, lease-up offers, executing financing and disposition methods to additional stabilize it.
A rising industrial portfolio
Scannell Properties’ pipeline contains build-to-suit and speculative industrial tasks unfold throughout the U.S., Canada and Europe. In line with CommercialEdge information, the corporate has greater than 3.4 million sq. toes of commercial area beneath building throughout a number of markets within the U.S. alone.
Latest tasks embody a 479,000-square-foot distribution and manufacturing facility in Salem, Ore. The corporate broke floor in November on the build-to-suit undertaking, developed on behalf of Gensco Inc.
In late 2022, Scannell signed a 1 million-square-foot lease at Gardner Logistics Park, in Locust Grove, Ga. A logistics and transport firm inked the settlement on the Class A growth’s 1.5 million-square-foot constructing. When totally accomplished, Gardner Logistics Park will embody greater than 4 million sq. toes.
