{"id":1004743903,"date":"2025-01-22T04:39:12","date_gmt":"2025-01-22T12:39:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004743903"},"modified":"2025-01-22T04:46:46","modified_gmt":"2025-01-22T12:46:46","slug":"brennan-recapitalizes-1-msf-portfolio-near-philly","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brennan-recapitalizes-1-msf-portfolio-near-philly\/","title":{"rendered":"Brennan Recapitalizes 1 MSF Portfolio Near Philly"},"content":{"rendered":"\n<p>Brennan Investment Group recapitalized its 1 million-square-foot industrial portfolio of 20 shallow-bay buildings in Moorestown, N.J., about 12 miles east of Philadelphia.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/844-North-Lenola-Road-Moorestown-N.J.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"600\" data-attachment-id=\"1004743925\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/brennan-recapitalizes-1-msf-portfolio-near-philly\/844-north-lenola-road-moorestown-n-j\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/844-North-Lenola-Road-Moorestown-N.J.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"844 North Lenola Road, Moorestown, N.J.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Brennan Investment Group recapitalized 20 shallow-bay buildings in Moorestown, N.J., including 844 North Lenola Road. Image courtesy of Brennan Investment Group&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/844-North-Lenola-Road-Moorestown-N.J.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/844-North-Lenola-Road-Moorestown-N.J.jpg\" alt=\"A light industrial building at 844 North Lenola Road in Moorestown, N.J.\" class=\"wp-image-1004743925\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/844-North-Lenola-Road-Moorestown-N.J.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/844-North-Lenola-Road-Moorestown-N.J.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/844-North-Lenola-Road-Moorestown-N.J.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">Brennan Investment Group recapitalized 20 shallow-bay buildings in Moorestown, N.J., including 844 North Lenola Road. <em>Image courtesy of Brennan Investment Group<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Constructed between 1984 and 2000, the properties are currently 96 percent occupied. They provide easy access to the New Jersey Turnpike and downtown Philadelphia. Having a multiple-building setup and varying suite sizes, the portfolio also gives tenants significant growth flexibility.<\/p>\n\n\n\n<p>Brennan will continue to operate the portfolio, which it bought in 2017. Since the acquisition, the company has upgraded the properties, including converting office space to industrial.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/philadelphia-office-prices-drop-construction-slows\/\">Philadelphia\u2019s office market<\/a> slowed and prices dropped in the fourth quarter, with vacancy rising 510 basis points over the past 12-month period ending in October, according to CommercialEdge.<\/p>\n\n\n\n<p>Chris Massey, managing principal at Brennan Investment Group, said that strong demand and tight occupancies for small-bay suite sizes throughout the overall market have made the portfolio more attractive.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/why-light-industrial-properties-will-continue-to-shine\/\">Why Light Industrial Properties Will Continue to Shine<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>\u201cVacancy rates are low-single digits for this type of space, and there is basically no new construction due to high costs for building small footprint buildings,\u201d he told <em>Commercial Property Executive<\/em>. \u201cWe believe our in-place rents are still significantly below where new leases are getting done.\u201d<\/p>\n\n\n\n<p>Brennan Investment Group\u2019s portfolio totals approximately 56 million square feet across 29 states.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-philadelphia-s-strong-light-industrial-demand\">Philadelphia&#8217;s strong light-industrial demand<\/h2>\n\n\n\n<p>Marcus Partners\u2019 Mid-Atlantic team has been acquiring portfolios of light industrial product in the suburban Philadelphia metro.<\/p>\n\n\n\n<p>\u201cThe metro offers an expansive regional highway network and a deep labor pool and features exceptional population density and demographics,\u201d Ryan McDonough, the company\u2019s principal &amp; CIO, told <em>CPE<\/em>.<\/p>\n\n\n\n<p>The portfolios typically feature functional, Class B product needing physical repositioning and a diversified, multi-tenanted rent roll with shorter-term leases. \u201cWe are buying at a healthy discount to replacement cost with in-place rents that offer mark-to-market upside. This compelling risk-reward profile works across various economic scenarios, including a \u201chigher-for-longer\u201d rate environment,\u201d McDonough added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>High demand and tight supply continue to make the area an attractive market for existing industrial facilities.<\/p>\n","protected":false},"author":3568,"featured_media":1004743925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21748,21783,21742,10,1494],"tags":[33335,34323],"class_list":["post-1004743903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-industrial","category-investment","category-latest","category-northeast","category-philadelphia","tag-brennan-investment-group","tag-marcus-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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