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John Hancock Closes on Real Estate Acquisitions in San Diego

Insurer Grabs 933,000-SF Commercial Portfolio and 427 Rental Units
July 15, 2015
John Hancock Real Estate, an affiliate of John Hancock Life Insurance Company USA, the U.S. division of Toronto-based Manulife Financial, closed on its acquisition of a nine-building commercial portfolio and two residential communities in San Diego.

The office portfolio is comprised of 933,134 square feet located in the Sorrento Mesa and Governor Park submarkets of northern San Diego, near the University of California San Diego Campus. According to Hancock, the office portfolio is substantially leased with long-term tenants in the bioscience, technology and electronics sectors.

In the second tranche of the office acquisition, which closed this week, Kilroy Realty Corp. sold roughly 540,000 square feet located on Directors Pl. and Sequence Dr. to Hancock for approximately $163 million. Kilroy divested buildings on Greenwich Dr. and Wateridge Cir. totaling almost 390,000 square feet for gross proceeds of $95 million in the first tranche, which was signed back in April. Kilroy negotiated both deals in-house.

Please see CoStar COMPS #3342219 and #3282726 for additional information.

John Hancock Pulls Trigger on One South Wacker

In a separate transaction, John Hancock acquired the Casa Lago Eastlake multifamily property from Resmark Cos. for $142.5 million, or about $334,000 per unit. Built in 2013, the complex is comprised of 427 units spread across an East and West campus totaling nearly 20 acres in Chula Vista, 14 miles southeast of San Diego.

Please see CoStar COMPS #3312674 for additional information on this transaction.

"These properties fit in well with our existing San Diego portfolio of Seaview Corporate Centre and our multi-tenant industrial assets at Torrey Pines and Kearny Mesa," said Michael McNamara, senior managing director and global head of real estate investments at John Hancock. "These acquisitions allow us to both diversify our holdings and increase efficiencies as well as accommodate a wider group of tenants."

Operating as Manulife Real Estate internationally, John Hancock Real Estate's diversified portfolio encompasses prime office and industrial properties and select retail and multifamily properties in key metropolitan areas throughout North America and Asia. Real estate assets under management total 57 million square feet valued at more than $13.2 billion as of March 31, including several San Diego holdings like Seaview Corporate Center and multi-tenant industrial assets in Torrey Pines and Kearny Mesa. Manulife Financial Corporation and all its subsidiaries hold total assets under management valued at nearly $648 billion internationally.

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