Brennan Investment Group, LLC, a private real estate investment firm that acquires and operates industrial properties on a national basis, sold its newly developed industrial facility located at 1780 Birchwood Avenue in Des Plaines, IL. The Class A distribution building was developed in partnership with DLJ Real Estate Capital Partners.
The 139,425-square-foot state-of-the-art warehouse and distribution building was sold to Morgan Stanley’s Prime Property Fund. The property, which is fully leased to Pet Food Experts and Cambria Company, was completed in late 2015.
“The ability to construct, rapidly lease up, and dispose of a speculative industrial building in the O’Hare area demonstrates the strength of the market for well-located, in-fill, Class A product,” said Kevin Brennan, Vice President of Acquisitions at Brennan Investment Group.
Scott McKibben, Co-Founder and Chief Investment Officer of Brennan Investment Group stated, “Brennan Investment Group’s approach is to recycle capital after completion of our asset management plans. We remain active, and interested, in other development opportunities throughout the United States.”
The Colliers International team of Jonathan Kohn and Thomas Rodeno represented Brennan Investment Group in the leasing of the property; Steven Disse and Jeffrey Devine of Colliers International represented Brennan in its sale to Morgan Stanley’s Prime Property Fund. Keeley Construction was Brennan’s general contractor and The PrivateBank provided the construction financing.