CHICAGO—Brennan Investment Group, LLC, has recently bought up a great deal of industrial property in the Chicago metro area due to a great deal of confidence in its market. And the Rosemont, IL-based firm just acquired the 70,196 square-foot 13970 Laurel Dr. in suburban Lake Forest in a joint venture with Goldman Sachs. The company will add this property to the 23-building portfolio Brennan and Goldman Sachs acquired a few months ago from Mirvac Industrial Trust, an Australian public REIT.
The building is 100% occupied by The Popcorn Factory, a part of the 1-800-Flowers Family of Brands, and is critical to its operations, a Brennan official told GlobeSt.com. The tenant recently signed a lease renewal for this building and the adjacent 28160 Keith Dr. The latter building was part of the Mirvac portfolio. The firm uses the buildings for manufacturing and distribution, including a Popcorn Factory retail outlet store.
Brennan concentrates on industrial facilities that tenants consider mission-critical. And Corey B. Chase, principal at Podolsky|Circle CORFAC, which handled the recent lease negotiations, told GlobeSt.com that The Popcorn Factory “got a big bag of cash for both buildings,” and that the company would spend it on upgrades that will increase the buildings' value, such as new docks or more advanced lighting.
"This property fits well within our recently acquired portfolio,” said Scott McKibben, managing principal of Brennan. “Further, the Chicago industrial market remains robust with 7.2% vacancy and 18 consecutive quarters of positive absorption. We continue to look for strategic add-on properties to our Chicago holdings."
"The industrial real estate markets are beneficiaries of the robust US economy,” said Michael Brennan, chairman and managing principal of the Brennan group. “We are particularly encouraged by the broad based vitality of the economy, including elevated levels of business investment spending."
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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.
