{"id":1004165371,"date":"2017-01-30T03:39:20","date_gmt":"2017-01-30T11:39:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004165371"},"modified":"2022-12-08T10:12:12","modified_gmt":"2022-12-08T18:12:12","slug":"chicago-industrial-portfolio-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chicago-industrial-portfolio-changes-hands\/","title":{"rendered":"Chicago Industrial Portfolio Changes Hands"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

Chicago<\/strong>\u2014Brennan Investment Group LLC has acquired a 30-building industrial portfolio totaling more than 2 million square feet, in the Chicago metropolitan area.<\/p>\n

\"Scott<\/a>

Scott McKibben<\/p><\/div>\n

The portfolio consists of buildings located primarily in the O\u2019Hare, Near North and\u00a0Central DuPage\u00a0submarkets.<\/p>\n

\u201cThe\u00a0Chicago\u00a0industrial market continues to benefit from strong tenant demand, limited supply by historical standards and accelerating rent growth,\u201d Scott McKibben, Brennan\u2019s chief investment officer & managing principal, said in a prepared release. \u201cAs of the fourth quarter of 2016, the\u00a0Chicago\u00a0metropolitan market reached a 20-year high occupancy level of 96.1 percent, driven, in part, by positive absorption of over 19 million square feet.\u201d<\/p>\n

Those impressive figures mark Chicago\u2019s\u00a026th<\/sup>-consecutive quarter of positive absorption.<\/p>\n

According to McKibben, the infill characteristics of the portfolio will enable the company to capitalize on supply and demand dynamics, and execute its value add strategy.<\/p>\n

\u201cChicago\u2019s\u00a0infill submarkets, in particular, have been great beneficiaries of heightened tenant demand,\u201d he said. \u201cStrong, consistent demand, combined with limited new supply, has contributed to robust rent growth in\u00a0Chicago\u2019s\u00a0infill submarkets, outperforming both regional and national rent growth averages.\u201d<\/p>\n

According to a recent market report by Colliers, the O\u2019Hare submarket is much in demand among investors and tenants. The vacancy rate in the area has been on a steady decline for the last 12 quarters, and positive absorption has been the norm for six consecutive quarters.<\/p>\n

Earlier this month, Brennan Investment Group sold its newly developed industrial facility<\/a> in Des Plaines in the O\u2019Hare submarket.<\/p>\n","protected":false},"excerpt":{"rendered":"

Brennan Investment Group is the new owner of 30 industrial buildings totaling more than 2 million square feet.<\/p>\n","protected":false},"author":451,"featured_media":1004165378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21748,13,21742],"tags":[33335,32763,33707],"class_list":["post-1004165371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-industrial","category-midwest","category-latest","tag-brennan-investment-group","tag-colliers-international","tag-scott-mckibben"],"acf":[],"yoast_head":"\nChicago Industrial Portfolio Changes Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chicago-industrial-portfolio-changes-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago Industrial Portfolio Changes Hands\" \/>\n<meta property=\"og:description\" content=\"Brennan Investment Group is the new owner of 30 industrial buildings totaling more than 2 million square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/chicago-industrial-portfolio-changes-hands\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-30T11:39:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:12:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Scott-McKibben.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"534\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chicago-industrial-portfolio-changes-hands\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/chicago-industrial-portfolio-changes-hands\/\",\"name\":\"Chicago Industrial Portfolio Changes Hands - 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