Brennan Sells Chicago-Area Industrial Assets

CHICAGO—Brennan Investment Group, LLC, and Goldman Sachs completed one of the region’s most significant industrial buys in the past year when for $164 million they acquired 23 properties from Mirvac Industrial Trust, an Australian public REIT. The properties are mostly spread out between Southeast Wisconsin, Lake, and DuPage counties, and in an illustration of the region’s continuing popularity with investors, Brennan says they have sold three of the properties in the first of what could eventually become a series of sales.

“The plan of the acquisition was basically to harvest the assets’ value,” Michael Brennan, chairman and managing principal of the Rosemont, IL-based Brennan group, tells GlobeSt.com, and therefore, once the properties have been stabilized or improved, removing much of the risk in ownership, “consideration must be given to selling. We’re looking for buyers that desire less risk.” No final decisions have been made on the remaining properties.