Brennan Investment Group, LLC, a private real estate investment firm that acquires and operates industrial properties on a national basis, announced its acquisition of 13970 Laurel Drive in Lake Forest, Illinois in a joint venture with Goldman Sachs (NYSE: GS). This property will be added to the 23 building portfolio Brennan and Goldman Sachs acquired in late 2014 located within the greater Chicago Metropolitan area and purchased from Mirvac Industrial Trust (ASX: MIX), an Australian public REIT.
“This property fits well within our recently acquired portfolio. Further, the Chicago industrial market remains robust with 7.2% vacancy and 18 consecutive quarters of positive absorption. We continue to look for strategic add-on properties to our Chicago holdings,” said Scott McKibben, Managing Principal of Brennan Investment Group.
Michael Brennan, Chairman and Managing Principal of Brennan Investment Group stated, “The industrial real estate markets are beneficiaries of the robust U.S. economy. We are particularly encouraged by the broad based vitality of the economy, including elevated levels of business investment spending.”