CHICAGO, INDIANAPOLIS—Brennan Investment Group, LLC, a Chicago-based private real estate investment firm, has just completed its acquisition of Jackson Industrial Park, a portfolio in Indianapolis that consists of four multi-tenant, light-industrial facilities totaling about 260,400-square-feet. As reported in GlobeSt.com, Brennan successfully utilized crowdfunding with Los Angeles-based Realty Mogul to complete the purchase. Accredited investors used this online platform to contribute more than one million dollars toward the $8.7 million deal.
“I've invested in Indianapolis since 1994, and I've always felt that the demographics of the area were very strong,” Michael W. Brennan, chairman and founding partner of Brennan and a co-founder and former chief executive officer of First Industrial Realty Trust, tells GlobeSt.com. Above all, the educated workforce has long been a magnet, attracting employers from a wide variety of industries.
"The Indianapolis market has demonstrated strong fundamentals, evidenced by 1.5-million-square-feet of positive net absorption year-to-date, nearly double what the market posted at this time last year," adds Kevin Brennan, vice president of acquisitions at Brennan Investment Group.
Furthermore, Michael Brennan points out that the market has an extraordinary amount of liquidity. “Public and private REITs have found this an excellent place to operate; so when it's time to sell, we can sell.”
Indianapolis and its suburbs are best known in the world of real estate for the vast bulk distribution buildings put up by developers that want to take advantage of the region's dense transportation networks and central location. And Brennan feels this is another plus for the Jackson group. “No one is building product that caters to the small user,” he says. The Jackson portfolio has suite sizes ranging from 1,600-square-feet to 22,500-square-feet.
Tenants currently occupy 77% of the space, and Brennan says he looks forward to leasing it up. “We bought the property at one-half the replacement cost. We can provide space at a very reasonable cost to businesses.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
