Brennan Investment Group, a private real estate investment firm that acquires, develops, and operates industrial facilities throughout the United States has announced its acquisition of over 50 acres located along the I-55 Expressway, west of Cicero Avenue and east of Harlem Avenue. ITS ConGlobal, North America’s leading operator of intermodal, finished vehicle, and depot service terminals, operates the container yard under a long-term lease agreement with Brennan. The property is also rail served and has exclusive access to a private road.
“Arguably, this land parcel is the best site in Chicago for these types of outdoor, intermodal operations,” commented Kevin Brennan, Managing Principal of Brennan Investment Group, who oversees all of Brennan’s activities in the Midwest Region. “Located nearby multiple rail terminals, providing quick access to I-55, and being within close proximity to the city itself, it doesn’t get much better than this. The long-term potential of this site is clear and compelling.” The Chicago Industrial market reached its all-time high in occupancy at 97%, as of the 2nd quarter of 2021. Asking rents increased by 2.9% quarter-over-quarter and 9.8% year-over-year. Rent growth is expected to hit double-digits by year-end. Brennan acquired this site in an off-market transaction.
Brennan’s Chairman and Co-Founder, Michael Brennan, stated that his firm will continue to search for these types of outdoor, industrial opportunities especially when they play a vital role in the nation’s supply chain. “This was not only a great land acquisition, but it was an investment in critical supply chain infrastructure. When you get the opportunity to marry the two together, you probably won’t be disappointed.”