ROSEMONT, IL – Joint-venture partners, Brennan Investment Group and Arch Street Capital Advisors, acting on behalf of a capital partner, have acquired an eight-property industrial portfolio.
The companies purchased the portfolio from a Tier 1 and Tier 2 critical parts supplier for the automotive, commercial truck, industrial and agricultural industries.
Located across six states throughout the Midwest and Southwest, the acquired portfolio totals 1,633,716 square feet of space situated on 221.8 acres.
The buildings, which are utilized as foundries, will be leased back for 25 years.
This transaction represents the joint-venture partnership’s ninth portfolio acquisition.
“These foundry facilities are critical infrastructure assets to several industries, including automobile and light truck manufacturers,” says Michael W. Brennan, chairman and managing principal at Brennan Investment Group. “The company’s customers include Daimler, Volvo, Caterpillar, John Deere, Ford, and General Motors. We are excited to close on our ninth venture with the Arch team and continue our long-standing partnership.”
“Ten years ago, we established our partnership with Brennan Investment Group to purchase mission critical single-tenant industrial properties,” states Gautam Mashettiwar, SVP at Arch Street Capital Advisors. “In the aggregate, our partnership has acquired nearly 25 million square feet. We have built a strong and successful partnership with Brennan and look forward to continuing that relationship for many years to come.”
The acquisition was sourced by Brennan Investment Group’s corporate real estate services division, which was established last year in effort to assist corporations with supply chain reconfigurations and the monetization of mission critical assets.