CHICAGO—Brennan Investment Group, LLC, a private real estate investment firm in suburban Rosemont, has just acquired a 23-building, 4.68-million-square-foot industrial portfolio spread out across the Chicago metro area. Brennan acquires and operates industrial properties on a national basis, and completed this purchase in a joint venture with Goldman Sachs. The properties were purchased from Mirvac Industrial Trust, an Australian public REIT. The prices or other details were not disclosed.
"The Chicago industrial market continues to demonstrate exceptional fundamental strength, with overall occupancy at 92.6% along with 17 consecutive quarters of positive absorption,” according to Scott McKibben, managing principal of Brennan. “That, in turn, should provide a strong catalyst for upward pressure on rental rates."
As reported in GlobeSt.com, NAI Hiffman recently published a study on the Chicago market showing that “the industrial vacancy rate improved by 44 bps in 2014, ending the year at 7.95%, the first time vacancy has dipped below the 8% threshold since 2001, 13 years ago."
"The industrial real estate markets are beneficiaries of the robust US economy,” says Michael Brennan, chairman and managing principal of Brennan. “We are particularly encouraged by the broad-based vitality of the economy, including elevated levels of business investment spending."
CBRE and the Macquarie Group represented the seller in the transaction.
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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.
