Chicago-based Brennan Investment Group, LLC and TriGate Capital, LLC have announced the formation of a programmatic joint venture to pursue industrial real estate investments across the United States.
Brennan Investment Group is a private real estate investment firm focused on industrial real estate transactions in major markets. The firm is led by its Chairman and Co-Founder – Michael W. Brennan – the former CEO of First Industrial Realty Trust Inc., and an experienced team of industrial real estate professionals. TriGate Capital is a national real estate private equity firm based in Dallas, which manages a fully discretionary real estate fund – TriGate Property Partners, L.P. – which is comprised primarily of institutional investors.
“We are pleased to enter into this joint venture with Brennan Investment Group and to complete our first acquisition together,” said Jay Henry, Managing Member of TriGate Capital. “This venture will take advantage of the compelling investment opportunities available today for experienced commercial real estate owner/operators with available, discretionary capital to recapitalize assets at attractive valuations.”
“The Brennan TriGate joint venture will leverage our national platform of local Managing Principals with deep experience and relationships in their respective local markets to source, evaluate and execute outstanding investments,” said Michael Brennan, Chairman and Co-Founder of Brennan Investment Group. “We appreciate the opportunity to partner with TriGate and look forward to building a national industrial portfolio together.”
The joint venture’s first acquisition is a 137,635 square foot industrial portfolio in Austin, TX. The portfolio consists of three buildings located in three separate submarkets and is approximately 76% leased to 11 tenants. The portfolio was purchased in an off-market transaction from a lender which had foreclosed on the property.
The seller – Unum Group – was represented by Luke Wheeler and Hale Umsted of Transwestern. John Barksdale and Greg Marberry of CB Richard Ellis represented the purchaser. The joint venture financed the acquisition with a mortgage loan from Aetna, Inc.