Brennan Investment Disposing Of $1B In Assets
Brennan Investment Group chairman Michael Brennan (left, with First Midwest Bank VP Rob Treleven and Brennan Investment executive director Brad O'Halloran) said during our industrial summit last month that he's never seen a market with such strong demand for Class-B assets. Brennan is looking to capitalize on that demand. The firm is listing two separate industrial portfolios with a combined 18M SF footprint and a total value of $1B.
Eastdil Secured is handling buyers for an 73-property, 11.7M SF package; 44% of the assets are in the Chicago area. Meanwhile, HFF is listing a 39-property, 6.3M SF portfolio, with six properties in the Chicago market.
The main selling point of the larger portfolio is the long-term leases associated with the properties. The top 20 tenants account for half of the leased space, including APL Logistics (520k SF until June 2018), Nova Wildcat Amerock (499k SF until December 2018), Rowe Fine Furniture (378k SF through 2028) and Oracle Flexible Packaging (350k SF until 2030).