Brennan Investment Group, LLC, a private real estate investment firm that acquires, develops, and operates industrial facilities, announced its purchase, and simultaneous leaseback to Total Logistics, Inc (“Total Logistics”) of an 86,460 square foot facility located at 2900 Granada Lane North, Oakdale, MN, a suburb of Minneapolis. Total Logistics is a third-party logistics and supply management company and its core services include dedicated fleets, third-party logistics, and warehousing services for end-to-end logistics management.
Kevin Brennan, Vice President of Acquisitions at Brennan Investment Group stated, “We are pleased to complete the acquisition of 2900 Granada Lane North, located within the Minneapolis/St. Paul MSA. The Minneapolis/St. Paul market has demonstrated strong fundamentals, evidenced by over 7 consecutive years of positive net absorption, and an overall occupancy of 95.8%.”
“The acquisition of the Total Logistics 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.