JLL’s Capital Markets group announced that it had arranged a $463 million financing of a portfolio encompassing 13 industrial properties owned by Scannell Properties and Manulife Investment Management. The move is part of a broader recapitalization of the two real estate firms. Financing was secured through Oxford Properties Group — a real estate investment, development and management firm.

The sub-portfolio includes 13 properties distributed across eight major distribution hubs in the U.S. The industrial properties were built as a part of the post-pandemic logistics development boom and currently stand 50% leased with high demand for further leases from tenants looking for modern, newly delivered distribution centers.

The financing was secured by a JLL Capital Markets team of Senior Managing Directors Keith Largay and Ken Martin alongside Associate Tara Hagerty and Analyst Tucker Dixon.

“Even in today’s interest rate environment, the lending community remains highly liquid for best-in-class industrial product within strong distribution markets,” Largay said.

“The execution of the sub-portfolio refinance and broader recapitalization demonstrates capital’s confidence in the fundamentals of the industrial market,” Martin said.

Meanwhile, Nu Suwankosai, head of global credit at Oxford Properties Group, added, “This investment reflects our strategy to focus on larger-sized credit opportunities in sectors with strong fundamentals. Investing in these high-quality assets complements our strong industrial credit portfolio and speaks to our conviction in U.S. logistics.”

Earlier in December, Indianapolis-based Scannell Properties announced that it had received funding from Manulife for the recapitalization of a 35-property industrial portfolio valued at approximately $1.2 billion. Totaling 10.4 million square feet of industrial real estate, the properties are at varying stages of completion and are spread out across 17 markets nationwide. Manulife expects to work with its partner to complete the construction of the properties, as well as assist in shoring up remaining vacancies.

Employing more than 3,000 market specialists worldwide, JLL Capital Markets is a full-service global provider for real estate investors and occupiers. Another JLL group — JLL Income Property Trust — fully subscribed an $88 million industrial property in Louisville, Ky., as a Delaware Statutory Trust.