ROSEMONT, IL – Brennan Investment Group has acquired a more than 50-acre land parcel situated along the Interstate-55 Expressway in Rosemont, IL.
Located west of Cicero Ave. and east of Harlem Ave., the site is occupied by a container storage yard, which is currently operated by ITS ConGlobal, a leading operator of intermodal, finished vehicle and depot service terminals. The company operates the space under a long-term lease agreement with Brennan Investment Group.
The land parcel includes exclusive access to a private road and is situated near multiple rail terminals.
Brennan Investment Group acquired the property in an off-market transaction. The firm intends to continue to seek similar outdoor, industrial opportunities.
“This was not only a great land acquisition, but it was an investment in critical supply chain infrastructure,” says Brennan Investment Group’s chairman and co-founder, Michael Brennan. “When you get the opportunity to marry the two together, you probably won’t be disappointed.”
The Chicago industrial market’s occupancy reached a record-high of 97% in Q2 2021. The market’s asking rents increased by 2.9% quarter-over-quarter and 9.8% year-over-year. Rent growth within the area is expected to hit double-digits by year-end.