Brennan Investment Group, LLC, a private real estate investment firm that acquires, develops, and operates industrial facilities, announced its acquisition of 1331 Kelly Avenue in Akron, Ohio. The building is 100% leased to Landmark Plastic Corporation (“Landmark Plastic”), a leading manufacturer of thermoformed and injection molded products for the horticultural industry. The building serves as the company’s headquarters and sole manufacturing facility.
Kevin Brennan, Vice President of Acquisitions at Brennan Investment Group stated, “We are pleased to complete the acquisition of 1331 Kelly Avenue, located in the Southeast submarket of Cleveland. The Cleveland market has demonstrated strong fundamentals, evidenced by 14 consecutive quarters of positive net absorption year-to-date, and an overall occupancy of 94.3%.”
“The acquisition of the Landmark Plastic 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.
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