Brennan Investment Group Purchases Ohio Property

Brennan Investment Group has acquired a 140,000-square-foot industrial facility in Dayton, Ohio, the company announced yesterday. The transaction’s dollar value was not disclosed.

The property is in the Springboro South industrial submarket, with quick access to the I-75 and Austin Landing interchange, one of the fastest-growing industrial and commercial corridors serving both Dayton and Greater Cincinnati.

The facility was completed in 2000 on about 12 acres and features 2,500-amp electrical service, dual points of ingress and egress and 125 parking spaces with the flexibility to accommodate future trailer parking, if needed.

It’s fully leased under a long-term net lease to Ohio-based Killer Brownie, known for its gourmet brownies and growing national retail presence. The bakery is relocating from a Miamisburg, Ohio, facility of about 50,000 square feet, the Dayton Daily News reported in June.

In a prepared statement, Brennan Senior Vice President Doug Lance said the acquisition will provide both recurring income and strong residual value.

An eclectic strategy

In March, Brennan Investment Group Chairman Michael Brennan told Commercial Property Executive the company’s average hold period is three years or less, well under the average for the industrial sector. The company also pursues corporate owners directly in hopes they will have surplus buildings to sell.

Dayton’s industrial space market is generally sound right now, with vacancy at 3.9 percent, among the lowest levels in the region, according to a second-quarter report from Colliers. Space under construction has increased to 1.4 million square feet, alongside 257,000 square feet of net absorption in the quarter.

Meanwhile average asking rents climbed to $5.81 per square foot, “reflecting sustained demand despite limited Class A inventory,” Colliers reported.