Brennan, Arch Street JV on BlueLinx Portfolio

McKibben says the deal is “consistent with our investment objective of producing stable, long-term cash flow for our investors.”

CHICAGO—Brennan Investment Group and Arch Street Capital have continued their partnership on acquiring single-tenant, net leased industrial properties with a 2.3-million-square-foot sale leaseback involving building materials supplier BlueLinx Corp. It follows January’s acquisition of a 477,152-square-foot warehouse in Canton, GA, leased entirely to furniture retailer Belnick Corp.

Brennan did not disclose the acquisition price or the locations of the four properties that have been leased back to BlueLinx. However, industry data indicate four recent industrial transactions on facilities occupied by BlueLinx and for which Brennan was listed as the buyer, totaling approximately $108 million. They’re located in Lawrenceville, GA; Frederick, MD; Bellingham, MA; and Butner, NC, with pricing per square foot ranging from $35 on the Butner location to $80 for the property in Bellingham.