Brennan Investment Group LLC and Arch Street Capital Advisors LLC have acquired a 1.3 million-square-foot True Value Co. distribution facility as the 10th and final acquisition in their joint venture.
The property at 308 South Division St. in Harvard, owned by True Value since 1998, is 100 percent leased to the leading hardware wholesaler.
"The acquisition of the True Value facility was funded through our $300 million net lease joint venture with one of Arch Street Capital Advisors' institutional clients," Brennan Investment Group Managing Principal Robert Vanecko said in a statement. Vanecko also serves head of the firm's single-tenant, net lease division. "We are excited to complete our final acquisition in this portfolio, which totals over 3.4 million square feet, and look forward to launching a new aggregation venture with Arch Street."
Since 2010, Chicago-based Brennan Investment Group and Arch Street Capital Advisors, based in Greenwich, Connecticut and on behalf of an institutional client, have acquired 100 single-tenant properties totaling over 20 million square feet, in seven separate joint ventures.
Brennan and Arch Street are launching an 8th venture — USIPA – Brennan Ventures III — and will continue to seek single-tenant, net-leased industrial investments meeting the following criteria:
- Location in the top 100 U.S. markets.
- A remaining lease term of at least 10 years.
- Non-investment grade credits.
- “Mission critical" properties with significant facility investment by the tenant.
- All industrial facility types, including manufacturing, assembly, R&D and distribution.