Prior to closing, full building leased to Trew under a long-term lease
CINCINNATI, Jan. 17, 2024 /7Newswire — Brennan Investment Group (“Brennan”), a private real estate investment firm that acquires, develops, and operates industrial facilities throughout the United States, has acquired a 263,000 square foot industrial building located at 10045 International Boulevard, Cincinnati, OH. The property was acquired from Intelligrated under a consolidation plan to dispose of the building by the end of 2023. The property is situated on a 17.5-acre site in the premier World Park industrial park in the northwest submarket of Cincinnati. Upon closing, Brennan was able to successfully secure a new lease for the building with Trew®. Trew, a provider of automated material handling solutions, will use the facility for manufacturing and distribution of material handling equipment throughout the United States and Canada.
The property was constructed in 1986 and was expanded/renovated in 2000. The building features 390 auto parking stalls, a 130-foot-deep truck court with trailer parking stalls, 25-feet clear ceiling heights, 4800 amps power, three five-ton cranes, and an outdoor storage area.
The infill property is located 15 miles north of downtown Cincinnati and less than five miles from both Interstates 275 and 75, which offers convenient access to Cincinnati’s major freeways, allowing for efficient distribution on a local, regional and national level.
“This acquisition continues our value-add strategy of investing in highly functional, well-located industrial assets in areas with strong demographic trends,” explained Doug Lance, Brennan’s Senior Vice-President for the Ohio/Kentucky/Indiana markets. “Cincinnati’s high occupancy rates, high tenant demand and significant barriers to entry for functional, infill manufacturing buildings were key considerations in making our investment decision.”
“We are excited to add this infill property to our ever-growing Midwest portfolio, which now totals over 26.7M square feet, said Kevin Brennan, Managing Principal and Head of Brennan’s Midwest Region. This acquisition is emblematic of Brennan’s corporate real estate initiative – one of Brennan’s multiple investment strategies – which aims to provide liquidity to corporations seeking to monetize their industrial real estate. Brennan will continue to aggressively seek these corporate-owned industrial opportunities throughout 2024.”
About Brennan Investment Group
Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired over $6.5 billion in industrial real estate. The company’s current portfolio spans 27 states and encompasses 52 million square feet.
Brennan Investment Group co-invests with private and institutional capital to achieve outstanding risk-adjusted returns. The firm’s management team is among the most accomplished in its industry, having invested in over 5,000 properties covering more than 60 cities throughout the United States, Canada and Europe.