CHICAGO, Sept. 17, 2013 /PRNewswire/ -- A joint-venture between Brennan Investment Group and TriGate Capital has acquired a 212,500 square foot Class A distribution facility known as Tradeport I in Louisville, Kentucky. The property is located at 9001 Cane Run Road in the Riverport submarket, a master-planned infill logistics park with excellent access to I-65 and the UPS Worldport facility.
"Louisville's transformation from a regional distribution market to a global center of e-commerce, largely attributable to the $1 billion, 5.2 million square foot UPS Worldport facility, is evidenced by the presence of major e-commerce users such as eBay, Amazon, Zappos, Gilt Group, and many others," said Michael Brennan, Chairman and Co-Founder of Brennan Investment Group. "The benefits to the industrial real estate market are manifested in seven consecutive years of positive absorption and a 96.2% occupancy rate."
This acquisition is illustrative of Brennan Investment Group's strategy to acquire functional, well-located assets, in key distribution markets with the ability to add value through repositioning and leasing. The seller, Principal Real Estate Investors, was represented by Kevin Grove of CBRE Louisville.
Tradeport I marks TriGate's second acquisition with Brennan, and first investment in Louisville. "The investment thesis is indicative of TriGate's strategy of acquiring REO property in markets with strong real estate fundamentals," said Jason Obenhaus, Vice President at TriGate Capital. "We are happy to be investing with Brennan Investment Group, a highly experienced operator and manager of industrial real estate."
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.
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 further information, please visit www.brennanllc.com.
About TriGate Capital
Dallas based TriGate Capital is a market leading real estate private equity firm focused on i) acquiring real estate secured by sub-performing and non-performing debt, ii) providing real estate owners with capital for asset and company recapitalizations, and iii) acquiring real estate assets where there is potential to add value. TriGate was founded in 2007 and manages approximately $500 million of equity capital through two discretionary institutionally-backed funds.
For further information, please visit www.trigatecapital.com.
Brennan Investment Group, LLC
9450 W. Bryn Mawr Avenue
Rosemont, IL 60018
Tel +1 847-813-6800
Fax +1 847-257-8888
SOURCE Brennan Investment Group