CHICAGO, July 6, 2016 /PRNewswire/ -- Brennan Investment Group, LLC, a private real estate investment firm that acquires, develops, and operates industrial facilities, announced its purchase, and simultaneous leaseback to The Packaging Wholesalers of a 443,103 square foot facility located at 1717 Gifford Road in Elgin, IL. The Packaging Wholesalers offer packaging products and shipping supplies to distributors nationwide. The building serves as the company's headquarters and primary distribution warehouse.
Kevin Brennan, Vice President of Acquisitions at Brennan Investment Group stated, "We are pleased to complete the acquisition of 1717 Gifford Road, located in the Northwest Cook County submarket of Chicago. The Chicago market has demonstrated strong fundamentals, evidenced by nearly 6 consecutive years of positive net absorption, and an overall occupancy of 96.1%."
"The acquisition of The Packaging Wholesalers facility was funded through our $300,000,000 net leased joint venture with one of Arch Street Capital Advisors' institutional clients," said Robert Vanecko, Brennan Investment Group's Managing Principal and the head of the firm's single-tenant, net lease division. "We are excited to add this property to our growing portfolio."
The key criteria of Brennan's net lease joint venture are (i) location in the top 100 U.S. markets, (ii) remaining lease term of at least 13 years, (iii) non-investment grade credits will be considered, (iv) significant facility investment by the tenant, and (v) all industrial facility types, including manufacturing, assembly, R&D and distribution.
Adam Marshall and Mark Deady, of Newmark Grubb Knight Frank, represented Brennan Investment Group in this transaction.
About Brennan Investment Group
Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired nearly $1.4 billion in industrial real estate. The company's current portfolio spans 22 states and encompasses over 24 million square feet.
Brennan Investment Group co-invests with private and institutional capital to achieve outstanding risk-adjusted returns. The firm's management team is among the most accomplished in its industry, having invested in over 4,000 properties covering more than 60 cities throughout the United States, Canada and Europe.
For more information on Brennan Investment Group, go to brennanllc.com.
Brennan Investment Group, LLC
9450 W. Bryn Mawr
Rosemont, Illinois 60018
Tel +1 847-813-6800
Fax +1 847-257-8888
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SOURCE Brennan Investment Group, LLC