O’Hare submarket holdings grow to 55 buildings totaling 3.5 million square feet
Brennan Investment Group, a private real estate investment firm that acquires, develops, and operates industrial facilities throughout the United States, has acquired together with Investcorp, a leading global provider and manager of alternative investment products, an eight-building industrial portfolio totaling 955,460 square feet located in Elk Grove Village, IL. The portfolio is comprised of seven multi-tenant buildings and one single-tenant facility.
“This acquisition highlights Brennan’s continued focus on investing in industrial properties located in strong, in-fill submarkets throughout the United States,” said Kevin Brennan, Managing Principal of the Midwest region. “This highly functional industrial portfolio features unit sizes ranging from approximately 5,000 to 60,000 SF, enabling us to attract the deepest pool of user demand in Chicago’s largest and most dynamic submarket. The functional and location qualities – combined with Brennan’s Midwest region’s local leasing, property management, and construction services – will enable us to push occupancy and create value for the partnership.”
Located in the O’Hare submarket, the portfolio features immediate access to major highways including I-90, I-290/I-355, I-294/I-94, and I-390, providing tremendous connectivity throughout the Chicago MSA. The buildings also benefit from close proximity to O’Hare International Airport as well as a strong and diverse labor pool. The O’Hare submarket continues to demonstrate strong fundamentals with a vacancy rate of 4% and positive net absorption of nearly 500,000 square feet, year-to-date.
This acquisition brings Brennan’s Midwest portfolio total to over 24 million square feet of industrial properties across nine states throughout the region.
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