Brennan Pays $12M for New Hope Distribution Facility
- Feb 24, 2015
By Ioana Neamt, Associate Editor
Rosemont, Ill.-based Brennan Investment Group recently announced the acquisition of a 355,185-square-foot distribution facility in New Hope, Minn. According to the Minneapolis/St. Paul Business Journal, Brennan paid $12.9 million for the industrial asset.
Located at 8201 54th Ave. in New Hope, a submarket within the greater Minneapolis/St. Paul area, the facility is currently fully leased to Oakdale-based Dedicated Logistics Inc. The property features 35 heated loading docks, 18-foot ceiling clearance, and 24-hour ADT fire and security protection. It is FDA registered.
“The acquisition of the Dedicated Logistics facility was funded through our recently launched $300 million net-lease joint venture with one of Arch Street Capital Advisors’ institutional clients,” said Michael Brennan, chairman & co-founder of Brennan Investment Group.
According to the Minneapolis/St. Paul Business Journal, Brennan acquired the facility from seller New Hope Distribution Center LLC, a company related to Roseville-based Roseville Properties. Brennan reportedly made the purchase back in January, but did not disclose the transaction until now.
Image courtesy of Dedicated Logistics Inc.
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