Three Twin Cities Industrial Properties Sold In $20M Deal
The Brennan Investment Group, LLC, said Tuesday that it paid $20 million for a portfolio of four industrial properties, including three in the Twin Cities and one in Milwaukee, Wisconsin.
Rosemont, Illinois-based Brennan is a private real estate investment firm that acquires and operates industrial properties throughout the country. The three Twin Cities properties that it purchased, along with their respective tenants, are:
• 11385 Xeon Street Northwest, Coon Rapids (46,423 square feet)—occupied by Roadrunner Transportation Systems
• 7309 West 27th Street, St. Louis Park (103,783 square feet)—occupied by Spectrum Plastics
• 8401 Jefferson Highway, Maple Grove (104,262 square feet)—occupied by Aspen Research
Ryan O'Halloran, Brennan’s vice president of acquisitions, said that his firm previously owned one other Minnesota property, in Maple Grove. He declined to disclose specifically how much the three latest Twin Cities properties cost but said the portfolio was purchased from Stag Industrial, a Boston-based real estate company.
O'Halloran described the Twin Cities and Milwaukee as “two Midwest markets with strong fundamentals,” stating that the Minneapolis-St. Paul industrial market “has seen 14 consecutive quarters of positive net absorption and little speculative development.”
“Acquiring a variety of property types, in diverse industries and in strong markets, supports our investment objective of producing stable, long-term cash flow for investors,” Scott McKibben, cofounder and managing principal of the Brennan Investment Group, said in a statement.