CHICAGO—Realty Mogul, a Los Angeles-based online capital platform, has just successfully used crowdfunding to help fund a major office real estate transaction in Chicago. The company's accredited investors contributed more than two million dollars through the platform to help Brennan Investment Group, LLC acquire Cumberland Metro Office Park near O'Hare International Airport. This was the second acquisition that Realty and Brennan partnered on, the first being an industrial property in Indianapolis.
“We are excited to partner yet again with Brennan Investment Group, which is nationally known for its expertise in identifying properties with desirable fundamentals,” says Jilliene Helman, chief executive officer and founder of Realty. “Brennan is particularly good at recognizing industrial and office properties that feature good tenant diversification, high occupancy rates, and which are in attractive markets. Cumberland Metro Office Park is another example of the diversity of commercial real estate properties that Realty Mogul has been able to offer.”
Earlier this year, Realty's investors contributed more than $1 million to help fund the acquisition of Jackson Industrial Park. Located in the Eastern submarket of Indianapolis, the 260,400-square-foot portfolio has four buildings.
Located at 5519 N. Cumberland Ave., the Cumberland office park has 164,448-square-feet in 12 single-story buildings. It sits near highways and mass transit systems that provide quick access to both the CBD and O'Hare. Realty officials say the property has been historically well occupied and is one of only two single-story properties in the immediate area.
According to Cook County property records, Chicago-based Brennan paid $18.5 million. But Brennan also plans to implement a property management and leasing program and make several improvements to the property, bringing the total cost to more than $20 million.
"The acquisition of the Cumberland Metro Office Park was our second transaction with Realty Mogul,” says Michael W. Brennan, chairman and founding partner of Brennan and a co-founder and former chief executive officer of First Industrial Realty Trust. “We continue to be pleased with the efficiency and reliability of crowdfunding in general, and Realty Mogul in particular.”
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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.
