Brennan Investment Group LLC, in a joint venture with Gatehouse Bank plc, acquired a 20-property industrial portfolio from an affiliate of AIC Ventures for $155 million. The properties are located across 12 states throughout the country and are 100 percent leased, with a weighted-average remaining lease term of 14 years.
The Royal Bank of Scotland plc provided the CMBS acquisition loan, which features a five-year term and a fixed interest rate.
“Over the past year and a half, U.S. industrial markets have demonstrated remarkable strength, with nearly every major market posting positive absorption and rising occupancies,” said Brennan Investment Group Chairman and Managing Principal Michael Brennan in a statement. “The acquisition of 20 critical use facilities, amidst resurgent tenant demand, provides our investment a high degree of predictability both now and in the future.”
Fahed Boodai, chairman of the board of directors of Gatehouse Bank, a London-based wholesale Shariah compliant bank, added: “We are pleased to complete this major acquisition with Brennan Investment Group. Gatehouse seeks to partner with best-in-class operators such as Brennan with demonstrated expertise in specific real estate sectors. This venture will capitalize on Brennan’s expertise in U.S. industrial real estate to generate compelling risk-adjusted investment returns.”
Bret Hardy and Greg Cizik, of Colliers International, represented the seller in the transaction. Arch Street Capital Advisors assisted Gatehouse Bank.