Buyer Plans B to A Conversion of Vacant Warehouse

Aerial shot shows the breadth of vacant industrial warehouse.

ROUND ROCK, TX—With plans to redevelop a 200,411-square-foot vacant industrial facility previously occupied by Sysco Foods into a food processing plant, a Chicago-based private real estate investment firm has purchased the asset. Brennan Investment Group LLC plans to transform the asset from B to A quality. Troy MacMane , co-founder and managing principal of Brennan Investment Group LLC, tells GlobeSt.com: “There were several factors as to why we liked the deal, but they all pulled on our areas of expertise: large scale development project (in this case redevelopment), complicated financial transaction, and  in Austin, which is one of our target markets where we already own several buildings.” The redevelopment project involves converting the building into food preparation space as well as other upgrades. The property is currently a Class B cold storage and distribution center, but will be converted into a class-A food process facility upon completion. “The Austin market has demonstrated strong fundamentals, evidenced by nearly 1.2 million square feet of positive net absorption year-to-date. This acquisition increases Brennan’s Texas region portfolio to 28 buildings, with an overall occupancy of 94.5%,” said Kyle Harris , acquisition and development analyst at Brennan Investment Group. Brennan Investment Group acquires, develops and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired nearly $1.3 billion in industrial real estate. The group co-invests with private and institutional capital to achieve outstanding risk-adjusted returns. The firm’s management team has invested in more than 4,000 properties covering more than 60 cities throughout the United States, Canada and Europe. The company’s current portfolio spans 22 states and encompasses more than 23 million square feet. “We are pleased to complete the acquisition and enthusiastic about its future conversion into a state-of-the-art food grade facility,” says MacMane.