Brennan Investment Group and DLJ Real Estate Capital Partners have acquired approximately 8 acres of land at 1780 Birchwood Avenue in Des Plaines, IL for a development project in Chicago’s O’Hare submarket. The partnership will construct the Northeast O’Hare Industrial Center – a state-of-the-art warehouse and distribution building totaling approximately 140,000 square feet, featuring 32′ clear height, ample loading, trailer parking, and auto parking.
Brennan Investment Group, LLC and DLJ Real Estate Capital Partners, LLC (DLJ-RECP) announced their acquisition of approximately 8 acres of land at 1780 Birchwood Avenue in Des Plaines, IL for a development project in Chicago’s O’Hare submarket. Within close proximity to I-90 and I-294 in Chicago’s O’Hare Industrial submarket, the partnership will construct the Northeast O’Hare Industrial Center – a state-of-the-art warehouse and distribution building totaling approximately 140,000 square feet, featuring 32′ clear height, ample loading, trailer parking, and auto parking. The property is designed to serve the significant demand for warehousing, assembly, and distribution uses, and will be built to a LEED standard.
“The Chicago industrial market – one of the most diverse in the nation – has seen resurgent tenant demand evidenced by three consecutive years of positive net absorption,” said Scott McKibben, Co-Founder and Managing Principal of Brennan Investment Group. “For this development, we were particularly attracted to the market fundamentals of the O’Hare area, where vacancy has declined five full percentage points in the past two years and now stands at 8.10%,” he added. “We are confident that with year-to-date net absorption of 1.3 million square feet, the O’Hare market is ready for development projects.”
“The property will be attractive to future tenants due to its proximity to the interstate system and its central location, one mile from Chicago’s O’Hare International Airport,” said McKibben.
The Colliers International team of Jonathan D. Kohn and Thomas C. Rodeno has been retained to market the property on behalf of Brennan Investment Group and DLJ Real Estate Capital Partners.
About Brennan Investment Group, LLC
Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Brennan Investment Group owns, operates and manages approximately 15 million square feet of industrial property throughout the United States, spanning across 21 states.
Brennan Investment Group co-invests with private and institutional capital to achieve outstanding risk-adjusted returns. The firm’s management team is among the most accomplished in its industry, having invested in over 4,000 properties covering more than 60 cities throughout the United States, Canada and Europe.
For further information, please visit www.brennanllc.com.
About DLJ Real Estate Capital Partners, LLC
DLJ-RECP is a leading global investment firm focusing on real estate and real estate-related assets. DLJ-RECP was founded in 1995 and has offices in New York, Los Angeles, Hong Kong and Tokyo. DLJ-RECP manages a series of real estate private equity funds with total capital commitments in excess of $4 billion. The DLJ-RECP funds acquired 180 investments representing approximately $15 billion in gross transaction value throughout North America, Western Europe and Asia.
DLJ-RECP takes a rigorous property-by-property approach to investing. The firm’s strategy is to acquire well-located assets with high intrinsic value and to enhance that value through creative repositioning and intensive management strategies.
For more information, go to www.dljrecp.com.
Brennan Investment Group, LLC
9450 W. Bryn Mawr Avenue
Rosemont, IL 60018
Tel +1 847-813-6800
Fax +1 847-257-8888
SOURCE Brennan Investment Group