Chicago Investor Buys Fully Leased Facility in Akron
- Aug 24, 2015
A Chicago-based private real estate investment firm has expanded its portfolio this month with the acquisition of an industrial facility in Akron, Oh. Brennan Investment Group has purchased the building at 1331 Kelly Ave., which serves as the headquarters and sole manufacturing facility for Landmark Plastic Corp., a leading manufacturer of thermoformed and injection molded products for the horticultural industry.
According to PropertyShark, the five-story, 200,000-square-foot industrial building opened in 1994. The real estate website also says that the property’s current market value is about $7.4 million and that it previously changed hands in 2006, when Stag II Akron LLC purchased it from Keystone Opal LLC & Stag II Akron LLC for $1.75 million.
Although Brennan did not disclose how much it paid for the building, Summit County property tax records show that a limited partnership formed by the Chicago-based company purchased the property for $9.2 million. Robert Vanecko, Brennan’s managing principal and the head of its single-tenant, net lease division, also said in a statement that the acquisition “was funded through our $300,000,000 net leased joint venture with one of Arch Street Capital Advisors’ institutional clients.”
“We are pleased to complete the acquisition of 1331 Kelly Avenue, located in the Southeast submarket of Cleveland. The Cleveland market has demonstrated strong fundamentals, evidenced by 14 consecutive quarters of positive net absorption year-to-date, and an overall occupancy of 94.3 percent,” added Kevin Brennan, vice president of acquisitions.
Brennan buys, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, it has acquired over $1 billion in industrial real estate. The company’s portfolio currently encompasses nearly 22 million square feet of space in 22 states.
Photo credit: Brennan Investment Group