Brennan Investment Group, a private real estate investment firm that acquires, develops and operates industrial facilities throughout the United States, has completed the acquisition and simultaneous leaseback of a 265,000-square-foot warehouse and distribution building in the Chicago market.
The tenant, a U.S.-based middle-market manufacturer and distributor, was the seller and will continue to occupy the facility under a long-term lease. Terms of the transaction were not disclosed.
“This transaction provides another example of Brennan’s strategy to use its capital and expertise to bring industrial real estate solutions to corporate real estate owners,” said Kevin Brennan, managing principal at Brennan Investment Group. “Sometimes those solutions are straightforward—a single asset leaseback—and sometimes the solutions involve surplus assets in multiple locations. We are committed to providing all manner of solutions regardless of complexity or the magnitude of the capital required.”
The property is located within the 1.3-billion-square-foot Chicago industrial market, which ended 2019 with a vacancy rate of just 3.7 percent and with total net positive absorption of 12.5 million square feet.
