Brennan Finalizes IL Industrial Acquisition
- Nov 08, 2017
Brennan Capital expanded its Illinois footprint by acquiring a 288,000-square-foot industrial property in McHenry. John Homsher, principal at Podolsky Circle, negotiated the transaction terms on behalf of the seller, Centurion Chicago Blue LLC.
The asset is comprised of two buildings located on a 10.5-acre site at 4400 Prime Parkway and 1380 Corporate Drive. The 68,000-square-foot office component was built first, in 1990. The warehouse, which incorporates 220,000 square feet, was completed in 1995 and features 15 docks, one drive-in door and 30-foot clear heights. Both buildings are leased by Brake Parts Inc. for its corporate headquarters.
A 20-building purchase
The property adds to Brennan’s rapidly growing Midwest industrial portfolio. This fall, the company acquired 20 buildings totaling more than two million square feet of industrial space in nine states. The largest clusters are located in Illinois, Missouri, Minnesota and Wisconsin.
“These properties fit well within our recently acquired portfolio. Further, the Chicago industrial market remains robust with 4.7 percent vacancy and over 7 consecutive years of positive net absorption. We continue to look for strategic add-on properties to our Chicago holdings,” Scott McKibben, Chief Investment Officer at Brennan Investment Group, said in a prepared statement.
Image via Google Street View