One of the Chicago area’s biggest industrial players is doubling down in the Midwest market.
Rosemont-based Brennan Investment Group bought a portfolio of 13 industrial properties totaling 802,000 square feet across the Chicago and Milwaukee areas for roughly $77 million.
Brennan announced the deal in a press release this week but declined to share a purchase price. An analysis by The Real Deal found $77 million in purchases by Brenneman tied to the 13 properties across several different counties and two states. Prior to the purchase, the company owned 28 million of industrial space across the Midwest, the release stated.
Brennan took out a $59 million loan from Bank of America to fund the portfolio purchase, records show.
Almost all of the properties were sold by New York-based InvestCorp, which had assembled 11 of the buildings for a combined $48 million in 2019. The total price of the 11 properties that InvestCorp sold to Brennan totaled $64 million, TRD’s analysis of public records found.
San Francisco-based Farallon Capital Management sold the two Milwaukee properties in the portfolio to Brennan for $13 million.
Brennan previously partnered with Investcorp on deals in the area, including in a venture that sold an industrial property in Elk Grove Village in 2024 for $37 million to data center developer EdgeConnex, and Brennan also snagged a $63 million loan to refinance an industrial property near O’Hare International Airport last year that likely let it buy out Investcorp’s interest in the property.
The properties in the recently sold portfolio are:
- 1890 Suncast Road, Batavia
- 951 North Raddant Road, Batavia
- 401-431 Raddant Road, Batavia
- 2435 Curtiss Street, Downers Grove
- 10321 Werch Street, Woodridge
- 2 Territorial Court, Bolingbrook
- 552 Taylor Road, Romeoville
- 1070 Northpoint Boulevard, Waukegan
- 65 Ambrogio Drive, Gurnee
- 407-409 Washington, Mundelein
- 401 Terrace Drive, Mundelein
- 8301 Parkland, Milwaukee
- 130 West Edgerton, Milwaukee
The transaction is a sign of confidence from industrial specialist Brennan in the Midwest market. The sector went through a building boom during and just after the pandemic that has since slowed.
But lease absorption rates in the Chicago area show that even as new properties hit the market, sellers and landlords are finding demand.
Net absorption improved significantly in 2025, according to a year-end report from Savills. In 2024, about 400,000 more square feet of industrial space was leased than vacated. In the last quarter of 2025, that figure jumped up to 7.3 million square feet.
Just last week, Thor Equities cashed out of an industrial spec development in suburban Chicago. The New York-based developer sold its 109,000-square-foot industrial building to Irvine, California-based LBA Logistics for $21.4 million in a deal recorded on Friday, public documents show.
In the last quarter of 2022 alone, nearly 40 million square feet of industrial space was under construction in the Chicago area, far more than today, Savills found. Now, the pipeline is showing signs of stabilizing. During the last quarter of 2025, about 13 million square feet of industrial properties was under construction in the Chicago area. Much of that activity was driven by a boost in data center development, according to Savills.