Brennan Kicks Off Queen City Value-Add Play
- Aug 22, 2016
Chicago—Rosemont, Ill.-based Brennan Investment Group announced it has acquired Kemper Woods Business Center and Fairfield Business Center, two institutionally owned business centers located in the greater Cincinnati market.
CBRE Capital Markets’ Keith Yearout and Jim Vondran worked with the industrial and logistics team of Doug Whitten, Mike Lowe, Tim Schenke and Jeremy Kraus, on behalf of two separate sellers, to expose the properties to a larger array of buyers.
Fairfield Business Center is a 44,011-square-foot building that includes both office and warehouse space located in the Northwest submarket of Fairfield, Ohio, while Kemper Woods Business Center is a three multi-tenant, office/warehouse building complex totaling 98,248 square feet located in the Northwest submarket of Forest Park, Ohio.
The two properties were marketed together as a strategic move to attract more interest in the properties than if they were marketed separately, according to CBRE’s Keith Yearout, vice president. “Brennan Investment Group saw this as a great opportunity to buy well-maintained and strategically located assets that have the potential for capital investment and an increase in leasing momentum, ultimately growing the value of the property.”
“This acquisition is illustrative of our criteria to acquire industrial assets at a low basis in infill markets, with the ability to increase cash flow through leasing. Industrial vacancy in Cincinnati reached a historic low of 4.2 percent in the second quarter of 2016, making it an ideal time to execute a value-add strategy,” said Scott McKibben, CIO at Brennan Investment Group.
The Whitten/Lowe/Schenke/Kraus team will lease the vacant office and warehouse space of the two properties. “As a result of the tight industrial market and an increasing demand for space, both properties will provide a great opportunity for Brennan Investment Group to lease up current vacant space,” said CBRE’s Doug Whitten, first vice president. “We are excited to work with Brennan Investment Group on the leasing of these assets. They are a great owner to work with and have plans to invest additional capital into the buildings which will help attract tenants.”
Image courtesy of Brennan Investment Group