“This acquisition was an excellent opportunity to acquire an institutional-quality business park with the ability to add value through additional leasing of the vacant space,” adds Kevin Brennan, vice president of acquisitions.

CHICAGO—Brennan Investment Group, LLC, a private real estate investment firm that has become a prolific national buyer of class B industrial properties, recently acquired the Woodlake Corporate Park in west suburban Lombard. This portfolio consists of seven industrial flex buildings totaling about 262,697 square feet, and company officials say it presents a solid value-add opportunity.

Part of the attraction to this property was its convenience. Located at 800-1000 Parkview Blvd., it is just minutes away from I-355 and between four-way interchanges at North Ave. and Roosevelt Rd., providing easy access from all directions. But perhaps the best reason is the level of demand in the region.

“The Chicago industrial availability rate reached historic lows and ended the quarter at 6.3%, down 30 bps from last quarter,” says Scott McKibben, co-founder and chief investment officer for the Rosemont, IL-based Brennan Investment Group.

Woodlake Corporate Park had an institutional owner and tenants currently occupy 84% of the property, according to CBRE. Bill Novelli and Derek Fohl from CBRE represented the owner in the transaction along with leasing and management agent Adam Stokes and Brendan Hill with Nicolson Porter & List, Inc.

“This acquisition was an excellent opportunity to acquire an institutional-quality business park with the ability to add value through additional leasing of the vacant space,” adds Kevin Brennan, vice president of acquisitions.