Brennan-Arch Street Net Lease JV Buys Industrial Portfolio PA, WI
The three-building industrial portfolio totaling 500,081 square feet is located in the Green Bay, WI and Northeastern Pennsylvania MSAs and are all 100% leased to Progressive Converting, Inc.
CHICAGO—A net lease joint venture formed last year by Chicago-based Brennan Investment Group, LLC and Arch Street Capital Advisors of Greenwich, CT has acquired a three-building industrial portfolio totaling more than a half-million square feet in Wisconsin and Pennsylvania.
The three-building industrial portfolio totaling 500,081 square feet is located in the Green Bay, WI and Northeastern Pennsylvania MSAs and are all 100% leased to Progressive Converting, Inc., the largest independent paper converting company in the nation. The Pro-Con properties include the company’s corporate headquarters and primary manufacturing facilities. No financial terms of the transaction were reported.
“The acquisition of the Pro-Con facility was funded through our $300-million net leased joint venture with one of Arch Street Capital Advisors’ institutional clients,” says Robert Vanecko, Brennan Investment Group’s managing principal and the head of the firm’s single-tenant, net lease division. “We are excited to add this property to our growing portfolio.”
Scott McKibben, chief investment officer at Brennan Investment Group, adds that the properties are located in strong manufacturing areas in top 100 U.S. markets and are “mission critical facilities for the tenant.”
Brennan and Arch Street Capital announced last August they had formed its fifth industrial joint venture. At the time of the joint venture formation announcement, the partners reported the joint venture had already purchased nearly 900,000 square feet of industrial real estate in Dallas, Charlotte, and Green Bay.
Over the past five years, Brennan and Arch Street have collectively acquired 77 properties comprising more than 12 million square feet in the single-tenant, net lease sector.
Earlier this month, Brennan Investment Group, LLC, announced its acquisition of Hempstead Business Park, a 12-building, 133,850-square-foot light industrial park located at 10612-10616 Hempstead Highway in Houston. The portfolio at the time of purchase was 92% occupied.
Brennan Investment reported in May it had purchased, and simultaneously leased-back a two-building, 79,968 square foot facility located at 4245 N. 40th Ave. in Phoenix to F&B Manufacturing. The property serves as F&B’s headquarters and is also utilized for manufacturing and distribution.