COVID-19 has brought into focus the need to shorten supply chains. One company investing in the reshoring of the manufacturing industry is Chicago-based Brennan Investment Group — a private real estate investment firm that acquires, develops, and operates industrial real estate facilities totaling 44 million square feet and spanning 29 states.
Brennan recently announced the acquisition and simultaneous leaseback of the property at 1550 Airport Road in Gallatin, Tenn. The 90,250-square-foot facility is the corporate headquarters and primary manufacturing facility of Bennett Tool & Die. A leading contract supplier, the company was founded in 1951 as a tool and die business and has since expanded its services to include stamping, assembly, and machining.
The facility is part of the greater Nashville region, with expressway access to Interstate 65, just 30 miles from the city’s downtown. According to the Brennan news release, the local industrial market has recorded 1.5 million square feet of positive net absorption year to date, and the vacancy of industrial real estate in Nashville is at 7.4%, despite current economic conditions.
Robert Vanecko, managing principal with Brennan Investment Group, said, “This transaction demonstrates our corporate real estate solutions initiative in action. Part of our strategy is to buy mission-critical industrial properties that are capitalizing on the reshoring of U.S. manufacturing and the shortening of global supply chains.”
The company’s investment portfolio spans the nation, with 2.7 million square feet of assets across the western U.S., 3.4 million square feet of southwestern U.S. industrial space, 23.2 million square feet in the Midwest, 10.8 million square feet of space in the southeastern U.S., and 4.7 million square feet across northeastern U.S. industrial markets.
In addition to speculative and build-to-suit development, Brennan also owns and manages land throughout the U.S. The company’s development portfolio incorporates 5 million square feet in six cities: Englewood and Commerce City in Colorado; Lakeland and Port St. Lucie in Florida; Conyers, Ga.; and Elk Grove Village, Ill.