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.