
Brennan Investment Group announced the recapitalization of an industrial portfolio in Moorestown. The portfolio is located just 12 miles east of Philadelphia, providing easy access to both the New Jersey Turnpike and downtown Philadelphia.
The portfolio is comprised of 20 shallow-bay industrial buildings constructed between 1984 and 2000 and is currently 96% occupied.
Brennan will continue to invest in and operate the portfolio, as it has done since its original acquisition in September 2017, including continuing capital upgrades and the conversion of office to industrial space.
“Industrial activity in southern New Jersey continues to be strong, especially for high-quality product,” Chris Massey, managing principal at Brennan Investment Group said. “Persistent tenant demand – especially in the shallow-bay segment –  has driven outsized rent growth of 127% 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 Philadelphia metro region is strategically located midway between Washington, DC and New York and is within a day’s drive of 40% of the US population,” Kevin Brennan, chief investment officer and managing principal at Brennan Investment Group said. “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.”