Establishes new office in Philadelphia
Brennan Investment Group, LLC, a private real estate investment firm that acquires, develops and operates industrial properties on a national basis, has acquired a 26-building portfolio totaling approximately 1,262,119 square feet. This portfolio consists of light-industrial buildings located in Moorestown and Burlington, New Jersey, both suburbs within the greater Philadelphia area.
“Twenty-four of the buildings are in Moorestown and the remaining two are in Burlington, both with easy access to the area’s primary thoroughfares,” said Chris Massey, Managing Principal at Brennan Investment Group. “This acquisition is illustrative of our strategy to acquire functional, well-located assets, with the ability to increase cash flow through repositioning of the portfolio and additional leasing of the currently vacant space.”
Scott McKibben, Chief Investment Officer at Brennan Investment Group, stated, “This acquisition demonstrates Brennan’s continued focus of finding deals with scale in dynamic industrial markets where Brennan can create value through capital improvements, leasing, and management.”
“Greater Philadelphia is a strong industrial market that has seen 1.8 million square feet of positive net absorption and a vacancy rate of 5.4% in 2017, and we believe demand will remain strong in infill markets and small-bay industrial assets,” added Chris Massey.
Brennan will open a regional office in one of its Moorestown properties. The Flynn Company will lease and manage the portfolio and will establish an on-site office together with Brennan.
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