CHICAGO—Brennan Investment Group, LLC recently completed the acquisition of a 30-building industrial portfolio spread across the Chicago region. The Rosemont, IL-based firm specializes in value add industrial properties, and this portfolio, which totals more than two million square feet, is mostly class B and located primarily in the O'Hare, Near North, and Central DuPage submarkets.
It's a great time to buy industrial property in the Chicago region. The occupancy rate now hovers at a historic low, making local tenants eager to snap up available spaces. In addition, these buildings sit within infill areas, such as Schiller Park, Elk Grove Village, Niles, Itasca, and Des Plaines, where developers have few options to build new product.
“This is one of the tightest markets that Chicago has ever seen,” Michael Brennan, the company's chairman and managing principal, tells GlobeSt.com. “And these are the top locations in Chicago's best submarkets. They are the functional equivalent of A properties, yet we can buy them for one-third the price, and pass on a significant economic benefit to our tenants. We have provided within the project cost a sufficient amount of capital to meet their growing needs.”
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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.
