CHICAGO, CINCINNATI—Brennan Investment Group, LLC, a private real estate investment firm, has just acquired Kemper Woods Business Center and Fairfield Business Center, two institutional owned industrial business centers located in the greater Cincinnati market. The Rosemont, IL-based company buys properties on a national basis, and Cincinnati has become one of the most active markets in the Midwest region.
“There has been a lot of institutional interest in Cincinnati, making it a more liquid market,” Michael Brennan, the company's chairman and managing principal, tells GlobeSt.com. The vacancy rates have plunged to historic lows throughout the metro area. And since these two complexes had institutional ownership, both are in solid shape. “It's a very good bet that we can lease up these properties.”
Kemper Woods Business Center is a three-building, industrial, multi-tenant portfolio located in the Northwest submarket in Forest Park, OH. Fairfield Business Center is an industrial, multi-tenant building, also located in the Northwest submarket in Fairfield, OH. The portfolio's combined occupancy is 51%.
Industrial vacancy in Cincinnati reached a historic low of 4.2% in the second quarter of 2016.
Although Brennan can't disclose the exact price paid, he did say the company picked up both for an affordable price. And since both are in tight in-fill submarkets in a region with strong fundamentals, that makes “this is a classic value-add portfolio.”
CHICAGO, CINCINNATI—Brennan Investment Group, LLC, a private real estate investment firm, has just acquired Kemper Woods Business Center and Fairfield Business Center, two institutional owned industrial business centers located in the greater Cincinnati market. The Rosemont, IL-based company buys properties on a national basis, and Cincinnati has become one of the most active markets in the Midwest region.
“There has been a lot of institutional interest in Cincinnati, making it a more liquid market,” Michael Brennan, the company's chairman and managing principal, tells GlobeSt.com. The vacancy rates have plunged to historic lows throughout the metro area. And since these two complexes had institutional ownership, both are in solid shape. “It's a very good bet that we can lease up these properties.”
Kemper Woods Business Center is a three-building, industrial, multi-tenant portfolio located in the Northwest submarket in Forest Park, OH. Fairfield Business Center is an industrial, multi-tenant building, also located in the Northwest submarket in Fairfield, OH. The portfolio's combined occupancy is 51%.
Industrial vacancy in Cincinnati reached a historic low of 4.2% in the second quarter of 2016.
Although Brennan can't disclose the exact price paid, he did say the company picked up both for an affordable price. And since both are in tight in-fill submarkets in a region with strong fundamentals, that makes “this is a classic value-add portfolio.”
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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.
