- What Manulife has partnered with Foundry Commercial to target the industrial outdoor storage sector
- Why Sector shares industrial drivers with fewer costs
- What next The partnership will develop seven sites
Manulife Investment Management has partnered with Foundry Commercial to buy, develop and lease industrial outdoor storage sites in markets across the southeastern U.S.
The partners will own 10 sites in Atlanta, Nashville, Dallas-Fort Worth and Jacksonville. Manulife Investment Management acquired three that are completed, with the joint venture to develop the rest.
Industrial outdoor storage is a niche sector that comprises sites zoned for industrial use where tenants can store vehicles, construction equipment, building materials or containers outside. Properties tend to have small buildings, whereas traditional industrial properties typically have larger warehouses used for distribution.
Rick Coe, who leads industrial outdoor storage investments for Orlando-based Foundry, said the segment shares the same drivers as industrial properties with a “fraction” of the capital costs.
“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 and capital markets, real estate equity, U.S., for Manulife Investment Management. “Partnering with Foundry was a logical choice given their extensive expertise as a top tier industrial developer and considerable knowledge in IOS.”
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