Brennan, Arch Street $300M JV Acquires 1.1M SF in Chicago, Jacksonville
The partners report the new joint venture has acquired two regional distribution properties totaling 1,152,000 square feet in the Jacksonville and Chicago metros.
CHICAGO—Locally-based Brennan Investment Group and Arch Street Capital Advisors, LLC of Greenwich, CT report they have formed their eighth real estate joint venture, a new $300-million fund focused on the acquisition of net-leased mission critical industrial properties.
The partners report the new joint venture has acquired two regional distribution properties totaling 1,152,000 square feet in the Jacksonville and Chicago metros. The properties are 100% leased to subsidiaries of BlueLinx Holdings Inc., a leading distributor of building and industrial products in the United States.
“We are excited to launch our eighth venture to invest in mission critical facilities throughout the country,” says Michael Brennan, chairman and managing principal of Brennan Investment Group. “The United States industrial market is very strong and will likely exhibit healthy fundamentals for a long time.”
The venture will focus on purchasing individual industrial assets in major markets in the United States that are critical facilities to tenants and leased on a long-term basis.
Over the past six years, Brennan and Arch Street have collectively acquired 102 properties comprising nearly 22 million square feet in the single-tenant, net lease sector.
Anup Patel, president and chief investment officer of Arch Street Capital Advisors, adds, “We look forward to continuing our long-standing partnership with Brennan Investment Group and establishing our eighth platform that will strategically acquire net-leased mission critical industrial assets.”
Late last month, Brennan and Arch Street closed out a prior fund with the purchase of the 1.3-million-square-foot distribution facility at 308 South Division St. in Harvard, IL that is 100% leased to True Value Co.