Brennan Investment Group Acquires $20M Industrial Portfolio
- Apr 25, 2014
Chicago-based private real estate investment firm Brennan Investment Group recently announced it has acquired a $20 million, four-property industrial portfolio.
The portfolio is leased to three tenants, with three assets located in the Minneapolis-St. Paul metropolitan area and one in Milwaukee. Observed Ryan O’Halloran, vice president of acquisitions for Brennan: “We are pleased to complete the acquisition of a four-building portfolio in Minneapolis and Milwaukee, two Midwest markets with strong fundamentals. The Minneapolis-St. Paul industrial market has seen 14 consecutive quarters of positive net absorption and little speculative development. The Milwaukee industrial market continues to outpace the national industrial market with a vacancy rate of 5.8 percent.”
The portfolio has about eight years of weighted average remaining lease terms. The brokers involved in the transaction were Steve Lysen and Curt Smith of CBRE. “We acquired four mission-critical facilities located in major markets,” said Scott McKibben, co-founder & managing principal of Brennan Investment Group. “Acquiring a variety of property types, in diverse industries and in strong markets, supports our investment objective of producing stable, long-term cash flow for investors.”
In other local construction news, the Minneapolis/St. Paul Business Journal reports RC Hospital and Clinics will break ground on a 62,000-square-foot hospital and medical center in Olivia. The $20 million facility, designed by Pope Architects, will replace a hospital built in Olivia in 1951. The Renville County-owned hospital will be financed in part by the U.S. Department of Agriculture and AgStar Financial Services. The general contractor of the project is McGough, and the owner was represented in the deal by Spring Lake-based Yanik.
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