Manulife Investment Management (Manulife IM) has announced a strategic partnership with Foundry Commercial to acquire, develop, and lease industrial outdoor storage (IOS) sites in key infill industrial markets throughout the Southeast.

The portfolio consists of 10 sites located in Atlanta, Nashville, Dallas-Fort Worth, and Jacksonville, Fla. Three of the sites have completed construction and were acquired by Manulife IM directly. The remaining will be developed in partnership with Foundry.

“Our investment in IOS is part of a larger alternatives strategy to invest in industrial and residential adjacent sectors with significant tailwinds. Partnering with Foundry was a logical choice given their extensive expertise as a top tier industrial developer and considerable knowledge in IOS,” says Jessica Harrison, head of transactions and capital markets, real estate equity, U.S., Manulife IM. “Today’s market is undeniably challenging — we continue to source and