Brennan Investment Group and TriGate Capital Form Programmatic Joint Venture to Fund National Industrial Acquisitions
CHICAGO and DALLAS, Aug. 23, 2011 /PRNewswire/ — Brennan Investment Group, LLC and TriGate Capital, LLC announced the formation of a programmatic joint venture to pursue industrial real estate investments across the United States. Brennan Investment Group is a private real estate investment firm focused on industrial real estate transactions in major markets. The firm is led by its Chairman and Co-Founder – Michael W. Brennan – the former CEO of First Industrial Realty Trust Inc. and an experienced team of industrial real estate professionals. TriGate Capital is a national real estate private equity firm based inDallas, TX, which manages a fully discretionary real estate fund – TriGate Property Partners, L.P. – which is comprised primarily of institutional investors.
“We are pleased to enter into this joint venture with Brennan Investment Group and to complete our first acquisition together,” said Jay Henry, Managing Member of TriGate Capital. “This venture will take advantage of the compelling investment opportunities available today for experienced commercial real estate owner/operators with available, discretionary capital to recapitalize assets at attractive valuations.”
“The Brennan TriGate joint venture will leverage our national platform of local Managing Principals with deep experience and relationships in their respective local markets to source, evaluate and execute outstanding investments,” said Michael Brennan, Chairman and Co-Founder of Brennan Investment Group. “We appreciate the opportunity to partner with TriGate and look forward to building a national industrial portfolio together.”
The joint venture’s first acquisition is a 137,635 square foot industrial portfolio in Austin, TX. The portfolio consists of three buildings located in three separate submarkets and is approximately 76% leased to 11 tenants. The portfolio was purchased in an off-market transaction from a lender which had foreclosed on the property.
“The Austin industrial market is extremely attractive due its strong job and population growth combined with physical and regulatory constraints on new supply,” said Troy MacMane, Brennan Investment Group’s Managing Principal for Texas. “Our plan for the Austin portfolio is to implement immediate capital improvements to enhance its attractiveness to prospective tenants, and aggressively lease the vacant space. We are seeing improvements in both short-term and long-term fundamentals in theAustin market that should lead to strong risk-adjusted returns.”
The seller – Unum Group – was represented by Luke Wheeler and Hale Umsted of Transwestern. John Barksdale and Greg Marberry of CB Richard Ellis represented the purchaser. The joint venture financed the acquisition with a mortgage loan from Aetna, Inc.
About Brennan Investment Group
Brennan Investment Group, LLC, 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, LLC co-invests with private and institutional capital to achieve outstanding risk adjusted returns. Industrial real estate is a large, stable and diversified investment class that offers compelling opportunities for both current income and appreciation.
Brennan’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 more information, go to www.brennaninvestmentgroup.com.
About TriGate Capital
TriGate Capital, LLC (TriGate) is a Dallas-based real estate investment firm that is focused on investing in real estate properties, real estate secured loans, and real estate companies through transactions that emanate from the need of financial institutions and property owners to restructure.
TriGate manages a fully discretionary real estate fund – TriGate Property Partners, L.P. and also manages a partnership with the California State Teachers Retirement System (CalSTRS) which invests in larger transactions sometimes as a co-investor with the fund.
TriGate is focused on investing its capital and its partners’ capital at attractive risk-adjusted returns by using its work-out, restructuring and real estate management skills to add value to its counterparties – lenders and other financial owners of real estate assets.
TriGate’s principals have invested in more than $10 billion of real estate assets, and the company has been investing its inaugural fund to take advantage of changes occurring in the commercial real estate market. For more information about TriGate Capital, visit www.trigatecapital.com.
SOURCE Brennan Investment Group, LLC