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Brennan Recapitalizes 1M-SF Portfolio Outside Philadelphia
Brennan Investment Group has completed the recapitalization of an industrial portfolio in Moorestown, New Jersey. The portfolio is located just 12 miles east of Philadelphia, offering easy access to both the New Jersey Turnpike and downtown Philadelphia.
The portfolio is comprised of 20 shallow-bay industrial buildings constructed between 1984 and 2000 and is currently 96% occupied. Brennan will continue to invest in and operate the portfolio, which it acquired in 2017, including continuing capital upgrades and the conversion of office to industrial space.
“The Philadelphia metro region is strategically located midway between Washington, DC and New York and is within a day’s drive of 40% of the US population,” said Kevin Brennan, Chief Investment Officer and Managing Principal at Brennan Investment Group. “Its recent success, due to its dense population, critical ports, concentration of businesses and transportation infrastructure make it a prime investment target. The Philadelphia metro will continue to be an area for increasing capital allocations by Brennan.”
