Brennan, Barings Secure $150M for IOS Partnership

October 1, 2026

Finance Austin Denver Houston More Industrial Investment News Southwest West

JLL arranged the credit facility, which will also fund additional acquisitions down the road.

A joint venture between Brennan Investment Group and Barings has secured a $150 million acquisition credit facility to support the aggregation of a scalable industrial outdoor storage portfolio. The partnership is beginning with a five-property, low-coverage seed IOS collection across Denver, Houston and Austin, Texas.

JLL Capital Markets arranged the credit facility. The lender was not disclosed.

The joint venture partners plan to use the flexible financing to support the aggregation of additional IOS assets across major logistics and high-growth employment markets in the Mountain West, Texas and the Midwest, while also supporting future tenant improvements, leasing costs and capital expenditures.

A JLL spokesperson provided details about two of the properties, including 13419 Immanuel Road in Pflugerville, Texas, a 4.6-acre property featuring a 9,000-square-foot main warehouse with 24-foot clear height and 1,120 square feet of office space, supplemented by two sheds of 5,000 and 11,500 square feet.

55 Southbelt Drive in Houston, another asset included in the deal, is a 7.1-acre property featuring a 32,025-square-foot main warehouse with 12 drive-through doors and a 4,500-square-foot paint room.

The JLL Capital Markets team was led by Managing Director Lucas Borges and Senior Managing Director Matthew Schoenfeldt, along with Director Sam Tarter and Senior Analysts Emma Berner and Ryan Planek.

Steady growth and more lenders for IOS

As of the start of 2026, the IOS sector is estimated to be worth about $218 billion nationwide, up almost 9 percent from 2025, according to a March report from Matthews. From 2024 to 2025, transaction volume rose by even more, between 15 and 20 percent, to between $14 billion and $16 billion.

Although leverage has remained somewhat conservative, with typical LTVs between 55 and 65 percent, Matthews reported, the composition of IOS lenders has begun to shift. While local and regional banks are still important players, especially with bridge financing, debt funds and larger national lenders have increasingly entered the sector.

In August, Alterra boosted its Atlanta IOS presence with the acquisition of five properties totaling more than 145,000 square feet of warehouse space. The previous month, Alterra secured a $400 million refinancing for a 99-property, 27-state IOS portfolio, funded by Truist Financial Corp. and KeyBank.