Brennan Investment Group, LLC, a private real estate investment firm that acquires, develops, and operates industrial facilities, announced its acquisition of two buildings at 13700 Oakland Avenue and 350 Victor Avenue in Highland Park, Michigan. The properties are located in the Southeast Oakland submarket of Detroit and are 100% leased to DialogDirect, Inc. (“DialogDirect”). DialogDirect is a leading fulfillment and direct marketing company.
The Detroit market place has seen 16 consecutive quarters of positive net absorption, with an overall occupancy of 94.5%.
“The acquisition of the DialogDirect facility was funded through our recently launched $300,000,000 net leased joint venture with one of Arch Street Capital Advisors’ institutional clients,” said 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.”
The key criteria of Brennan’s net lease joint venture are (i) location in the top 100 U.S. markets, (ii) remaining lease term of at least 13 years, (iii) non-investment grade credits will be considered, (iv) significant facility investment by the tenant, and (v) all industrial facility types, including manufacturing, assembly, R&D and distribution.