{"id":1004790080,"date":"2026-03-04T06:21:37","date_gmt":"2026-03-04T14:21:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004790080"},"modified":"2026-03-04T06:45:16","modified_gmt":"2026-03-04T14:45:16","slug":"brennan-investment-groups-flexible-industrial-strategy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brennan-investment-groups-flexible-industrial-strategy\/","title":{"rendered":"Brennan Investment Group\u2019s Flexible Industrial Strategy"},"content":{"rendered":"\n

When Michael Brennan founded Brennan Investment Group with his nephew in 2010, the firm didn\u2019t have a square foot of space to its name. Now, the Chicago-based firm is the nation\u2019s second-largest privately held owner of industrial real estate.<\/p>\n\n\n\n

Over the past decade and a half, the company\u2019s grown to own and operate a portfolio of nearly 60 million square feet of space across 29 states, amounting to more than $6.5 billion in assets under management.<\/p>\n\n\n\n

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READ THE MAGAZINE<\/strong><\/a><\/div>\n<\/div>\n\n\n\n
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A 36-year veteran of the industrial sector, with more than $20 billion in transactions under his belt, Brennan believes that his company has come this far not because it builds or buys the fanciest new facilities for high-profile tenants but because of its nuanced understanding of the industrial sector and the relationships it\u2019s cultivated with investment partners and tenants. There\u2019s also a distinct internal company culture that\u2019s difficult to find anywhere else.<\/p>\n\n\n\n

\u201cWe confine our activities to the best investments that we can find in America, and it doesn\u2019t necessarily matter what kind of building it is or where it\u2019s located,\u201d Brennan detailed during a late afternoon Zoom call days after the firm had closed on an 800,000-square-foot Midwestern portfolio acquisition.<\/p>\n\n\n\n

\"140,000-square-foot\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Brennan is developing this 140,000-square-foot food-processing facility for meal-delivery company Tovala in Winfield, Ill., continuing to advance projects for in-demand manufacturing tenants while pausing speculative development.
Image courtesy of Brennan Investment Group<\/em><\/figcaption><\/figure>\n\n\n\n

Eyes on the prize<\/h2>\n\n\n
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\"Michael\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Michael Brennan, co-founder, chairman & managing principal of Brennan Investment Group, started the firm in 2010 after a storied career at First Industrial Realty Trust. Since its founding, it\u2019s grown from zero assets to the second-largest privately held owner of industrial real estate. Michael attributes this growth to the company\u2019s strategies and investor relationships rather than its resources or ability to build cutting-edge facilities.
Image courtesy of Brennan
Investment Group<\/em>
<\/figcaption><\/figure><\/div>\n\n\n

If you scroll through the press releases on the firm\u2019s website, it\u2019s difficult to get an exact idea of what it looks for when investing in an industrial property, even if it did carry out nearly $2 billion in transactions last year. Brennan simply referred to the sector as a \u201cvast expanse of opportunity.\u201d<\/p>\n\n\n\n

There\u2019s everything from the purchase of a 1.3 million-square-foot gas equipment manufacturing campus in Houston, Texas, to the acquisition of a 56,000-square-foot light industrial facility in Cincinnati and the formation of a joint venture with asset management giant Barings, targeting $150 million of investment in industrial outdoor storage space alone.<\/p>\n\n\n\n

Kevin Brennan, Michael\u2019s nephew, sees the company\u2019s strategy being governed by the ability to add value to an asset before reselling as soon as possible. The firm cares more for niche industrial development and acquisition opportunities than it does for building and leasing state-of-the art logistics campuses to the likes of Amazon.<\/p>\n\n\n\n

\u201cThe consistent theme for Brennan is focusing on buying (what) we know, only in industrial, where there\u2019s margin and there\u2019s value,\u201d Kevin related, with a cadence resembling a presentation to an investment committee.<\/p>\n\n\n\n

Today, the value presents itself mostly through build-to-suit construction, redevelopment or sale-leasebacks.<\/p>\n\n\n\n

Brennan\u2019s first-ever opportunity fund, launched in September of 2024, focuses specifically on corporate-owned industrial real estate properties. The fund managers will often directly call the corporate owners and ask if they\u2019re interested in selling surplus buildings.<\/p>\n\n\n\n

\u201cThe U.S. occupier still remains the largest owner of industrial buildings, and we needed some way to tap into that,\u201d Kevin said. \u201cWe\u2019ve married the resources of Brennan with the resources of corporate America to produce great value for our investors.\u201d<\/p>\n\n\n\n

Speed is another value for Brennan. The firm\u2019s average hold period for an asset is just over three years, well below the sector\u2019s mean of five to 10. For Kevin, it\u2019s not necessarily the strategy that\u2019s changed over time, but the firm\u2019s focus.<\/p>\n\n\n\n

\u201cWe\u2019re not on or off,\u201d he commented. \u201cWe\u2019re pulling levers differently depending on the market conditions\u2014going harder on value-add when it makes sense, and on speculative (development) at other times.\u201d<\/p>\n\n\n\n

The willingness to pivot seems to have paid off. The firm\u2019s average internal rate of return is 39 percent, with a 2.16 average equity multiple across each building it has sold.<\/p>\n\n\n\n

\"1.3\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
The 1.3 million-square-foot former Innovex manufacturing campus in Houston, Texas, represents the largest acquisition to date for Brennan\u2019s first opportunity fund, which targets corporate-owned assets. The firm acquired the site in September 2025, focused on the property\u2019s diverse buildings and infrastructure including industrial cranes, heavy power hookups and outdoor storage yards.
 Image courtesy of Brennan Investment Group<\/em><\/figcaption><\/figure>\n\n\n\n

Hot and cold<\/h2>\n\n\n\n

Both of the levers Brennan decides to pull and the tenants it pursues are more the result of subsector-specific market conditions than demand for any one asset.<\/p>\n\n\n\n

On the acquisition front, the firm has a healthy appetite for single-tenant net lease facilities and corporate real estate acquisitions, with its value-add focus directed toward shallow-bay buildings. Shallow-bay facilities are particularly appealing for Brennan because the assets boast diverse tenant bases, strong rent growth and low cap rates.<\/p>\n\n\n\n

\u201cWe know the market and what they can pay us, and we can also bridge the gaps many times,\u201d said Brad O\u2019Halloran, an executive vice president & managing principal at the firm, who also leads investor relations.<\/p>\n\n\n\n

\u201cIf we\u2019re buying a 250,000-square-foot asset with 15 tenants that\u2019s 60 percent leased, we feel like we can take it into the 90s,\u201d O\u2019Halloran said about the strategy.<\/p>\n\n\n\n

In January, the firm picked up nearly 1.3 million square feet of East Coast and Midwest shallow-bay space. In October, it acquired another 80,000-square-foot facility in Chicagoland\u2019s Woodridge submarket, intending to convert it to four 20,000-square-foot small-bay facilities.<\/p>\n\n\n\n

Among property managers, the firm has a reputation for being highly attuned to specific tenant needs, a trait that goes well with the types of occupiers who are hungry for this sort of space.<\/p>\n\n\n\n

\u201cBrennan brings real flexibility to deal structure and a willingness to get creative to solve tenant needs, including pursuing new acquisitions to accommodate strategic relocations,\u201d said Kenneth Franzese, a principal at Lee & Associates of Illinois, which manages several Brennan assets in the area. \u201cWe love their ability to be \u2018market makers,\u2019 and tailor outcomes around specific users.\u201d<\/p>\n\n\n\n

\"800,000-square-foot\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Brennan\u2019s late-January acquisition of this 800,000-square-foot Chicagoland campus highlights the firm\u2019s preference for shallow- bay assets that feature modular designs, diverse tenant bases, above-average rent growth and low cap rates.
Image courtesy of Brennan Investment Group<\/em><\/figcaption><\/figure>\n\n\n\n

Market makers<\/h2>\n\n\n\n

Brennan\u2019s tenant of choice of late has been in the manufacturing sector, which is seeing pronounced growth, particularly in defense, energy, food and pharmaceutical production. The current administration\u2019s tariff policies have only increased the near-term demand for space.<\/p>\n\n\n\n

\u201cThe way I look at them, manufacturing companies are an absorber of land and builder of industrial\u2014an animal that didn\u2019t previously exist at the scale that it does now,\u201d Kevin observed.<\/p>\n\n\n\n

Last year, the company\u2019s largest acquisition was a 16-building, 1.3 million-square-foot campus in Houston, Texas, that was formerly a factory for drilling equipment manufacturer Innovex. In addition to the diverse building sizes and their recent vintage, the firm was attracted to the bridge cranes, electricity accommodations and outdoor storage yards that dotted the campus.<\/p>\n\n\n\n

Prior to the sale, Brennan stabilized the assets, leasing 16 of the 17 buildings after they were vacated by Innovex.<\/p>\n\n\n\n

\u201cMy old boss used to say: \u2018Mike, there are only two kinds of buildings in this world: full ones and empty ones,\u2019\u201d Michael recounted. \u201cSixteen empty anything is a lot of things to buy, and we needed great conviction in the Houston market as well as the manufacturing and energy industry.\u201d<\/p>\n\n\n\n

John Ferruzzo, partner & market leader at KBC Advisors, has represented Brennan in industrial transactions since its founding and was one of the brokers on the Houston deal. \u201cTheir ability to speak the language of industrial users puts tenants at ease and demonstrates that they truly understand the nuances of their business,\u201d Feruzzo noted.<\/p>\n\n\n\n

If there\u2019s one industrial area that Brennan is generally avoiding, it\u2019s ground-up, speculative construction. Even though building from scratch was a mainstay for the company after its founding, high construction and labor costs have made it exponentially more difficult.<\/p>\n\n\n\n

\u201cIt\u2019s the riskiest thing any investor can do in our space,\u201d Kevin said. \u201cYou\u2019re taking construction risk, timing risk and lease-up risk, and we\u2019re only comfortable with that in certain markets.\u201d<\/p>\n\n\n\n

Practicing and preaching<\/h2>\n\n\n
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\"Kevin\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Kevin Brennan, CIO & managing principal of Brennan Investment Group, identified shallow-bay facilities, build-to-suit development and corporate real estate acquisitions as the top priorities for the firm in this market cycle. These priorities often shift rapidly, in part due to the firm\u2019s revenue model and operational structure.
Image courtesy of Brennan Investment Group<\/em><\/figcaption><\/figure><\/div>\n\n\n

Michael\u2019s nuanced investment strategy is well informed. He was a founder of First Industrial Realty Trust in 1994 and its CEO until 2008, and while he enjoyed the leverage that being one of the nation\u2019s largest owners of industrial real estate provided, there was something missing for him.<\/p>\n\n\n\n

\u201cWhen I left First Industrial, I saw a generational opportunity to enter the industrial space in a way where I would lose some of the prohibitions I had at a public company,\u201d Michael reflected. \u201cI wanted to be more entrepreneurial, even if it meant having no properties and two offices.\u201d<\/p>\n\n\n\n

The company\u2019s growth to 18 offices with assets in 29 states, according to Michael, is the result of an ethos adopted by each new hire on the investment team. No one actively involved in buying or selling properties at the company takes a salary; they get paid only by the proceeds generated by the industrial assets themselves.<\/p>\n\n\n\n

\u201cWe explained quite clearly that the way they would get compensated would be the same way that an investor got paid: by the fruits of the recycling of investments and nothing more than that,\u201d he recounted.
It\u2019s a practice that persists at the company to this day. \u201cDrawing your compensation from the results of recycling is a hard model, but it\u2019s a very rewarding one if you can do it,\u201d Michael added.<\/p>\n\n\n\n

The credo gives Brennan executives incentive to pursue deals with the highest resale value and deepens relationships with capital partners who get paid the same way. In its 16 years, the company has been able to build a network of high-net-worth investors, family offices and institutional shops, largely through word-of-mouth.<\/p>\n\n\n\n

\u201cThis person tells a friend of theirs, a family office talks to another at a gathering and they basically then contact us and put them in touch with another group,\u201d O\u2019Halloran detailed. \u201cOur goals are the same as theirs.\u201d<\/p>\n\n\n\n

Standing up, standing out<\/h2>\n\n\n\n

In addition to hurdles around tariffs, interest rates and overbuilding in the sector, both Brennans are concerned about investor competition\u2014be it from REITs or more local, equally niche investors.<\/p>\n\n\n\n

\u201cThere\u2019s both more money and more people in the market, and sellers can always charge a higher price because there\u2019s a longer line of capital,\u201d Kevin acknowledged.<\/p>\n\n\n\n

Brennan doesn\u2019t have the reach and resources that Prologis or Link Logistics does. And, at the other end of the spectrum, there are hyper-niche investors that are also hard to compete with.<\/p>\n\n\n\n

A former financial analyst at Prologis, Kevin understands both how potential competitors think as well as some areas they may miss.<\/p>\n\n\n\n

\u201cWe can buy things at rates lower than some of the lower-cost capital folks would be interested in buying,\u201d he noted. \u201cThey probably didn\u2019t see the deal in the first place.\u201d<\/p>\n\n\n\n

To accomplish this goal, Brennan has structured its 18 regional offices with market- and asset-specific investors who have the goal of buying assets below market price. \u201cWe have a person in Nashville\u2014that\u2019s all he does,\u201d Kevin said. \u201cHe wakes up and eats, dreams and breathes Nashville. He can go to every single (property) tour and can be at every single walkthrough with a contractor.\u201d<\/p>\n\n\n\n

This hands-on approach also applies to the company\u2019s asset management strategy. \u201cOnce you buy the thing, you\u2019re just getting started. Michael and I literally go through every single building we have.\u201d<\/p>\n\n\n\n

The compensation structure at Brennan also produces a degree of camaraderie among the firm\u2019s investment partners. \u201cWhen our partners do well, we do well,\u201d Kevin said. \u201cWhen they suffer, we suffer, and if they do, they won\u2019t be with us next time.\u201d<\/p>\n\n\n\n

Michael compared the model to that of the service industry. \u201cWhen I was a kid, we\u2019d drive in front of the golden McDonald\u2019s arches that said, \u201810 million hamburgers sold here.\u2019 If you drove back in 5 years, it would say \u201850 million sold here.\u2019 We just want to keep selling hamburgers–or in this case, industrial buildings.\u201d<\/p>\n\n\n\n

<\/div>\n\n\n\n

Read the March 2026 issue of CPE.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Explosive growth has not come from developing the flashiest facilities but from knowing which levers to pull at a given time. <\/p>\n","protected":false},"author":3012,"featured_media":1004790108,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,21825,21783],"tags":[],"class_list":["post-1004790080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-finance","category-investment"],"acf":[],"yoast_head":"\nBrennan Investment Group\u2019s Flexible Industrial Strategy - 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\/brennan-investment-groups-flexible-industrial-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brennan Investment Group\u2019s Flexible Industrial Strategy\" \/>\n<meta property=\"og:description\" content=\"Explosive growth has not come from developing the flashiest facilities but from knowing which levers to pull at a given time.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/brennan-investment-groups-flexible-industrial-strategy\/\" \/>\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=\"2026-03-04T14:21:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-04T14:45:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/TovalaProject-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\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\/brennan-investment-groups-flexible-industrial-strategy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/brennan-investment-groups-flexible-industrial-strategy\/\",\"name\":\"Brennan Investment Group\u2019s Flexible Industrial Strategy - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brennan-investment-groups-flexible-industrial-strategy\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brennan-investment-groups-flexible-industrial-strategy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/TovalaProject-featured.jpg\",\"datePublished\":\"2026-03-04T14:21:37+00:00\",\"dateModified\":\"2026-03-04T14:45:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brennan-investment-groups-flexible-industrial-strategy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/brennan-investment-groups-flexible-industrial-strategy\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brennan-investment-groups-flexible-industrial-strategy\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/TovalaProject-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/TovalaProject-featured.jpg\",\"width\":800,\"height\":600,\"caption\":\"Corporate profile. 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