Brennan JV Secures $253M Portfolio Refi

July 1, 2025

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The collection includes 21 light industrial properties.

Brennan Investment Group and Farallon Capital have secured $252.5 million in financing for Lower Terra Industrial Portfolio, a light industrial asset collection spanning more than 3.6 million square feet across 17 markets.

Industrial building at 100 Paragon Drive in Rochester, N.Y. — 100 Paragon Drive in Rochester, N.Y., was among the properties included in the portfolio. *Image courtesy of JLL*

JLL Capital Markets arranged the floating-rate, five-year loan from affiliates of Apollo.

The portfolio includes 21 light industrial properties across 13 states in the East, West, Central and Southeast regions. Located across multiple markets, the assets provide access to 18 percent of the nation’s workforce. The portfolio comprises several types of facilities, including heavy-bolt-down investments and four separate headquarters.

JLL Capital Markets’ Debt Advisory team that secured the financing was led by Senior Director Lucas Borges, Senior Managing Director Matthew Schoenfeldt and Associate Tara Hagerty.

At the time of the deal, the properties were 98 percent leased to 16 tenants from different industries, including the manufacturing sector. The average tenure exceeds 30 years.

JLL’s recent research shows that manufacturing leasing activity in the first quarter of 2025 increased by 17.4 percent quarter-over-quarter.

JLL’s research also shows that this was the top-performing quarter for the nation’s industrial market since the second quarter of last year, driven by roughly 123.3 million square feet in leasing activity. Net absorption totaled 40 million square feet, marking a 43 percent year-over-year increase.

Brennan Investment Group’s industrial activity

Since its foundation in 2010, Brennan Investment Group has expanded its industrial portfolio across 29 states, with a total footprint of 57 million square feet. In January the company recapitalized its 20-building, 1 million square-foot portfolio in Moorestown N.J. The company has owned the light-industrial property since 2017.

In Laredo, Texas, Brennan established a partnership with Standard Real Estate Investment Partners to build a 433,000-square-foot cross-deck development for industrial use in February. This will be Brennan’s second facility within the Pinnacle Industry Center.