Industrial N Illinois

Brennan Investment acquires 20-property industrial portfolio from Barnett Capital

Brennan Investment acquired a 20-property, 2-million-square-foot portfolio from Barnett Capital for $84 million.

About a quarter of the portfolio are more than 500,000 square feet of space. The properties are located in Chicago and its suburbs, and several states across the country.

Ryan Bain and Zach Graham of CBRE’s National Partners industrial investments team in Chicago represented both Barnett Capital and Brennan Investment Group in the transaction.

“This institutional-quality portfolio is comprised largely of single-tenant facilities that are well-located in markets across the US, with a heavy concentration in the Midwest,” said Dan Shachtman, Senior Director of Commercial Real Estate, Barnett Capital. “It was an appropriate time to sell once we had met the investment objectives we set out to achieve as we amassed this portfolio.”

The largest property was 1100 Corporate Drive in McHenry. The 378,325-square-foot building, developed 1999, is leased to a single tenant Brake Parts. The property is located on a 20-acre parcel and features 5,000 square feet of office space.

Other properties in the portfolio include 2001 West Kelley Court in Libertyville, 970 Lombard Road in Lombard, 10047 Virginia Avenue in Chicago Ridge and 737 Oakridge Drive. Two properties were located in Indiana, three in Missouri, three in Ohio, three in Pennsylvania, one in Wisconsin, one in South Carolina, one in Tennessee and one in Texas. The portfolio is 100 percent leased.

According to Shachtman, with the disposition of this portfolio now complete, Barnett Capital continues its efforts to acquire additional industrial real estate properties. He said the firm is focusing geographically in the greater Chicago market. He characterized the product profile as value-add opportunities ranging in size from 20,000 to 250,000 square feet and value from $2 million to $15 million.