Facilities 100% Leased to Progressive Converting, Inc.
Brennan Investment Group, LLC, a private real estate investment firm that acquires, develops, and operates industrial facilities, has acquired a three-building industrial portfolio totaling 500,081 square feet located in the Green Bay and Northeastern Pennsylvania MSAs. The properties are 100% leased to Progressive Converting, Inc (Pro-Con), the largest independent paper converting company in the nation. The properties include the company’s corporate headquarters and primary manufacturing facilities.
“The acquisition of the Pro-Con 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 properties are located in strong manufacturing areas in top 100 U.S. markets and are mission critical facilities for the tenant,” said Scott McKibben, Chief Investment Officer at Brennan Investment Group.
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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