Brennan Investment Group, LLC, a private real estate investment firm that acquires, develops, and operates industrial facilities, announced its purchase, and simultaneous leaseback to The Packaging Wholesalers of a 443,103 square foot facility located at 1717 Gifford Road in Elgin, IL. The Packaging Wholesalers offer packaging products and shipping supplies to distributors nationwide. The building serves as the company’s headquarters and primary distribution warehouse.
Kevin Brennan, Vice President of Acquisitions at Brennan Investment Group stated, “We are pleased to complete the acquisition of 1717 Gifford Road, located in the Northwest Cook County submarket of Chicago. The Chicago market has demonstrated strong fundamentals, evidenced by nearly 6 consecutive years of positive net absorption, and an overall occupancy of 96.1%.”
“The acquisition of The Packaging Wholesalers facility was funded through our $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.
Adam Marshall and Mark Deady, of Newmark Grubb Knight Frank, represented Brennan Investment Group in this transaction.