Brennan Investment Group, LLC, a private real estate investment firm that acquires and operates industrial properties on a national basis, announced its acquisition of a 23 building, 4.68 million square foot industrial portfolio in a joint venture with Goldman Sachs (NYSE: GS). The properties are located throughout the greater Chicago Metropolitan area and were purchased from Mirvac Industrial Trust (ASX: MIX), an Australian public REIT.
“The Chicago industrial market continues to demonstrate exceptional fundamental strength, with overall occupancy at 92.6% along with 17 consecutive quarters of positive absorption. That, in turn, should provide a strong catalyst for upward pressure on rental rates,” said Michael Brennan, Chairman and Managing Principal of Brennan Investment Group.
“We are pleased to partner with Brennan on this transaction, who is headquartered in Chicago, and has a demonstrated history of operational expertise in the industrial real estate sector,” commented Michael Ungari, Managing Director at Goldman Sachs. “The venture will utilize Brennan’s platform with the objective of generating compelling risk-adjusted investment returns.”
CBRE and the Macquarie Group represented the seller in the transaction.