CHICAGO — Brennan Investment Group LLC, through a joint venture with Gatehouse Bank plc, has acquired a $178 million industrial portfolio. The 19 properties are located across 13 states.
The portfolio is 100 percent leased to 16 tenants with a weighted-average remaining lease term of 14 years.
The Royal Bank of Scotland plc provided Shariah-compliant financing for this second portfolio acquisition. Brennan and Gatehouse has acquired two portfolios totaling 39 properties with an aggregate purchase price of nearly $350 million.
“We are pleased to complete our second acquisition with Gatehouse this year. U.S. industrial markets continue to demonstrate improving fundamentals, with nearly every major market posting positive absorption and rising occupancies,” says Michael Brennan, chairman and managing principal of Chicago-based Brennan Investment Group. “The acquisition of 19 critical-use facilities, located in major markets, provides our investment a high degree of predictability both now and in the future.”
“We are pleased to complete another major acquisition with Brennan Investment Group,” says Fahed Boodai, chairman of the board of directors at Gatehouse Bank. “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, an affiliate of AIC Ventures, in the transaction. Arch Street Capital Advisors, a full-service real estate investment advisory firm, assisted Gatehouse Bank.
Brennan Investment Group is a private real estate investment firm that acquires, develops and operates industrial properties throughout the nation.
Gatehouse Bank operates as a Shariah-compliant wholesale investment bank based in London and focused on real estate and wealth management.
— Brittany Biddy