Brennan Investment Group’s newly recapitalized, 1 million-square-foot industrial portfolio in Moorestown consists of 20 shallow-bay buildings. — Courtesy: Brennan Investment Group
By Joshua Burd
Brennan Investment Group has recapitalized a 20-building, 1 million-square-foot portfolio of shallow-bay industrial space in Moorestown.
The privately held firm said the deal, the terms of which were not disclosed, follows its acquisition of the properties in September 2017. It noted that the portfolio, currently 96 percent occupied, includes facilities that were built between 1984 and 2000 with varying suite sizes that provide flexibility for its tenants — all just 12 miles east of Philadelphia.
Brennan said it will continue to invest in and operate the properties, building on previous upgrades and the conversion of office to industrial space.
“Industrial activity in southern New Jersey continues to be strong, especially for high-quality product,” said Chris Massey, managing principal at Brennan Investment Group. “Persistent tenant demand — especially in the shallow-bay segment — has driven outsized rent growth of 127 percent over the last five years. We remain committed to delivering high-quality industrial spaces which will allow us to continue to grow rent over time.”
The firm added that tenants in the portfolio have easy access to both the New Jersey Turnpike and downtown Philadelphia.
“The Philadelphia metro region is strategically located midway between Washington, D.C., and New York and is within a day’s drive of 40 percent of the U.S. population,” said Kevin Brennan, chief investment officer and managing principal at Brennan Investment Group. “Its recent success, due to its dense population, critical ports, concentration of businesses and transportation infrastructure make it a prime investment target. The Philadelphia metro will continue to be an area for increasing capital allocations by Brennan.”
