Mr. Pritesh Patel reports
MANULIFE INVESTMENT MANAGEMENT ANNOUNCES ACQUISITION OF BEST-IN-CLASS INDUSTRIAL BUSINESS PARK IN BELLINGHAM, MA
Manulife Financial Corp.'s Manulife Investment Management has acquired Bellingham Logistics Center, a two-building, 427,000-square-foot, Class A industrial park in Bellingham, Mass., on behalf of a managed account. The property's greater Boston location benefits from extremely favourable 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 totalling 86.6 acres with two freestanding buildings and is fully occupied by three high-quality tenants:
351 Maple St. is a 300,000-square-foot distribution facility featuring 32-foot clear heights, 54 docks doors, two drive-in doors, LED lighting, full ESFR sprinkler system, 190-foot truck court depth and 145 trailer parking spaces.
- 353 Maple St. is a 127,500-square-foot distribution facility featuring 32-foot clear heights, 26 dock doors, two drive-in doors, LED lighting, full ESFR sprinkler system and 140-foot 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 United States 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 Sept. 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 United States 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.
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