After acquiring several net lease portfolios beginning in 2012, Brennan identified an opportunity to aggregate portfolios through individual transactions. By acquiring individual properties, Brennan was able to achieve better cap rates and then realize a portfolio premium.
This strategy continued Brennan’s focus on mission-critical properties leased to middle market industrial companies. Brennan has identified this niche as an attractive way to generate compelling current yield and strong risk-adjusted total returns.
Starting in September 2019, Brennan acquired 10 assets through a series of individual transactions. Subsequently, in 2022, Brennan recapitalized the portfolio into a larger portfolio with an institutional partner at returns far in excess of pro forma.
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