By Adriana Pop, Associate Editor
Brennan Investment Group LLC has acquired a portfolio of four multi-tenant, light-industrial properties totaling approximately 544,810 square feet across 10 buildings in three submarkets of Indianapolis. The assets are all situated within proximity to I-465, the 53-mile beltway that surrounds the city.
HFF Managing Partner, Pat Sullivan, represented the seller in this transaction.
According to Scott McKibben, co-founder & CIO for Brennan Investment Group, the Indianapolis industrial market has demonstrated exceptional fundamentals, as evidenced by 19 consecutive quarters of positive net absorption.
“This acquisition was an excellent opportunity to acquire an institutional-quality business park consisting of bulk warehouse, light industrial and manufacturing properties. We also have the ability to increase cash flow through additional leasing of the currently vacant space,” Kevin Brennan, vice president of Acquisitions at Brennan Investment Group, added in prepared remarks.
Attracted by the market’s fundamental strength and improving demographics, Brennan has been an active investor in Indianapolis. Since last year, the Chicago-based company acquired an additional 706,292 square feet that included Hillsdale Business Park (in July) and Jackson Industrial Park (during the second quarter of 2014).