Chicago-based Brennan Investment Group LLC and its joint venture partner Lake Forest, Ill.-based Westminster Capital recently announced the sale of Ogden Corporate Center to a private investor.
“This was our first investment with Brennan Investment Group,” says Mark Mazur, managing principal of Westminster Capital. “The Brennan and Westminster teams were aligned in our investment approach on this asset, identifying opportunities with a value proposition and leveraging our experienced platforms to create value and maximize returns. Westminster looks forward to more investments with Brennan.”
Located at 801-815 Ogden Avenue in Lisle, Ill., Ogden Corporate Center consist of two, single story, Class A office buildings. The property is fully leased to three tenants with the majority of space being occupied by an affiliate of DuPage Medical Group under a long-term lease. When the buildings were acquired by Brennan Investment Group in 2012 they had significant vacancy and occupancy was raised to 100 percent shortly after the acquisition.
“Although not an industrial asset, the purchase and sale of Ogden Corporate Center represents one of Brennan Investment Group’s strategies, of acquiring special circumstance properties, and adding value by leasing and improving the property, and selling upon stabilization, maximizing investor returns,” says Scott McKibben, managing principal and co-founder of Brennan Investment Group.
Brennan Investment Group acquires, develops and operates primarily industrial properties in select major metropolitan markets across the U.S. The company’s current portfolio spans 21 states and features over 15 million square feet.
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