Brennan Investment Group and DLJ Real Estate Capital Partners, LLC (DLJ-RECP), announced its acquisition of a nine-building industrial portfolio totaling 338,577 square feet in Houston. The portfolio is located primarily in the southwest industrial submarket of Houston, with excellent access to Beltway 8 and Highway 59.
“Houston’s emergence from a regional oil and gas driven economy to a global provider of energy services, including engineering, exploration, manufacturing, and finance has transformed the Houston economy into a robust and diverse metropolitan marketplace,” said Michael Brennan, Chairman and Co-Founder of Brennan Investment Group. “The benefits to the industrial real estate market are manifested in 11 consecutive quarters of positive absorption and a 94.4% occupancy rate.”
“We will commence our value add strategy that includes cosmetic enhancements and an inventory of ‘move-in’ ready suites for prospective tenants’ convenience,” said Troy MacMane, Southwest Managing Principal and Co-Founder of Brennan Investment Group. “This acquisition is illustrative of our strategy to acquire functional, well located assets, in major markets with the ability to add value through repositioning and leasing.”