Brennan Brings $1B Portfolios to Market
Chicago-area Brennan Investment has brought two separate industrial portfolios to market with a combined value of approximately $1 billion. Both portfolios contain relatively old light-industrial buildings in a mix of primary, secondary and tertiary markets.
Eastdil Secured is marketing an 11.7-million-square-foot package valued at $500 million, with an anticipated initial annual yield of 7%. Portfolio occupancy is 92%. Brennan owns the assets with several institutional partners. The package encompasses 73 properties, with 44% of the space in the Chicago area.
Meanwhile, HFF is marketing a 6.3-million-square-foot portfolio anticipated to attract bids of approximately $425 million, meaning an initial yield of 7.5%. Brennan’s partner is NorthStar Realty Finance. The fully-leased package has 39 properties, the largest concentration of which are in the Chicago area.
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