Brennan Completes Sale-Leaseback Deal in Suburban Chicago
- Jul 07, 2016
Chicago—Rosemont, Ill.-based Brennan Investment Group has announced the purchase and simultaneous leaseback to The Packaging Wholesalers of a 443,103-square-foot industrial facility in Elgin, Ill. The building, located at 1717 Gifford Road, serves as the company’s headquarters, as well as its main distribution warehouse.
“The acquisition of The Packaging Wholesalers facility was funded through our $300 (million) net-leased joint venture with one of Arch Street Capital Advisors’ institutional clients,” said Robert Vanecko, Brennan Investment Group managing partner & head of the firm’s single-tenant, net lease division.
“The Chicago market has demonstrated strong fundamentals, evidenced by nearly six consecutive years of positive net absorption, and an overall occupancy of 96.1 percent,” added Vice President of Acquisitions Kevin Brennan.
Newmark Grubb Knight Frank’s Adam Marshall and Mark Deady represented Brennan in the transaction.
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