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Yesterday, we found Brennan Investment Group's Sam Mandarino, Scott McKibben, Michael Brennan, Robert Vanecko, and Kevin Brennan at their new Des Plaines offices. In the year since Michael's non-compete with First Industrial expired, his firm has bought half a dozen buildings totaling 1M SF. But that's just the beginning as the supply of buildings on the market moves up from a trickle to what could be a flood over the next few years. The team is actively seeking industrial investments using four different "buckets" of capital: 1) high-net-worth individuals seeking low-risk net-leased properties; 2) a programmatic JV with TriGate Capital (a Dallas-based private equity firm interested in riskier assets such as a multi-tenant property with some vacancy); 3) Barnett Capital, a Chicago-based family office investing in deeply discounted properties; and 4) a more programmatic bucket through the independent broker-dealer network.
1900 Carboy
So far those funds have bought them properties in the O'Hare submarket (1900 Carboy in Mount Prospect, above), Austin, Cinncinati, and Wisconsin. The group plans to close on two more deals before year's end. Scott tells us that the biggest challenge now isn't finding the capital to invest but finding sellers that are looking to dispose of buildings that meet Brennan's standards for quality and price. Once banks start to let go of non-performing properties, which Michael thinks will happen at an increasing rate over the next year or two, Brennan plans to capitalize.