CHICAGO—Locally based Brennan Investment Group LLC has signed a secondwith London-based Gatehouse Bank, in a $178 million partnership to acquire 19 industrial properties in nine major markets.
The two firms had joined this past July to purchase 20 other industrial sites from Austin, Texas-based AIC Ventures in a $155 million deal. Michael Brennan, chairman and CEO of the self-named firm, said he’s pleased to do a second deal with Kuwaiti-run Gatehouse. “The U.S. industrial markets continue to demonstrate improving fundamentals, with nearly every major market posting positive absorption and rising occupancies,” Brenna said in a statement. “The acquisition of (these) 19 critical use facilities, located in major markets, provides our investment a high degree of predictability both now and in the future."
The portfolio is reportedly located in the markets of Los Angeles, Phoenix, Atlanta, Minneapolis, Dallas, Winston-Salem,, Philadelphia and New Jersey. The properties are 100 percent leased to 16 tenants covering a diverse range of industries with a weighted-average remaining lease term of 14 years.
The Royal Bank of Scotland provided the financing for the purchase. Bret Hardy and Greg Cizik with Colliers International represented the seller, again an affiliate of AIC, in the transaction. Arch Street Capital Advisors assisted Gatehouse in this transaction.