Milbank LLP advised Manulife Investment Management in a recapitalization of a nationwide portfolio of industrial properties developed by Scannell Properties. The transaction includes 35 newly built or under construction industrial properties in 17 markets, totaling 10.4 million square feet and valued at $1.2 billion.
The transaction will provide additional liquidity for the 35-asset portfolio that Scannell Properties will use to create further value through completion of construction, leasing, management, and operation.
The Milbank deal team was led by Real Estate partner Yaakov Sheinfeld, lead associate Julianne Guzman, special counsel Kieran Murphy, associates Benjamin Kamelhar, Jake Barney, Shannon Mis-Marzano, Shannon Hardy, Joseph Principato, and Alejandro Hernandez, and senior real estate paralegal Brenda Rosenfeld, with support from Trusts & Estates partner Jessica Soojian and special counsel Marci Tempesta, Tax partners Eschi Rahimi-Laridjani and Max Goodman, special counsel Craig Cohen and associates Elaine Lee and Michelle Song.
