CHICAGO — Brennan Investment Group and a client of Arch Street Capital Advisors (Arch Street), a Greenwich, Conn.-based real estate investment advisory firm, have formed a joint venture to own and manage a portfolio of industrial properties throughout the United States. The joint venture will have a purchasing capacity of $300 million.
According to a news release, the joint venture will focus on purchasing individual industrial assets in major markets in the United States that are critical facilities to tenants and leased on a long-term basis.
“We are pleased to launch this venture at a time when we see opportunities to invest in mission-critical facilities throughout the country,” says Michael Brennan, chairman and managing principal of Brennan Investment Group. “The objective of the venture's investment criteria remains the same: generate strong risk-adjusted returns, derived from both cash flow and appreciation.”
In conjunction with the creation of the venture, PNC Bank NA provided the venture with a financing line of credit facility to increase the venture's efficiency in closing purchases.
Also simultaneous with the venture's formation, the Brennan/Arch Street venture acquired its first assets, a three-building 174,170-square-foot industrial complex in Hamilton, Ohio, near Cincinnati, leased to Matandy Steel and Metal Products LLC.
Brennan and Arch Street formed three ventures in 2012 and 2013. Previously, the two parties have acquired 64 properties comprising 9.7 million square feet, located in 40 metropolitan statistical areas across the United States.
Brennan Investment Group, a private real estate investment firm, acquires, develops and operates industrial properties in major metropolitan markets throughout the United States.
Arch Street specializes in advising international investors on their U.S. real estate strategies and has advised clients on more than $5 billion of transactions.
— Scott Reid