A private real estate investment firm from suburban Chicago announced it has bought the Akron, Ohio, building that is the home of Landmark Plastic Corp.
Brennan Investment Group LLC of Rosemont, Ill., which acquires, develops, and operates industrial facilities, did not disclose terms of its acquisition of the building.
The building is fully leased to Landmark Plastic, a maker of thermoformed and injection molded products for the horticultural industry. The building serves as the company's headquarters and sole manufacturing facility. Landmark remains in the building following the transaction.
Kevin Brennan, vice president of acquisitions at Brennan Investment, said in a news release that the Cleveland/Akron industrial real estate market “has demonstrated strong fundamentals, evidenced by 14 consecutive quarters of positive net absorption year-to-date, and an overall occupancy of 94.3 percent."
The acquisition of the building was funded through Brennan Investment's $300 million net leased joint venture with one of Arch Street Capital Advisors' institutional clients, said Robert Vanecko, Brennan Investment's managing principal and the head of the firm's single-tenant, net lease division, in the release.
Investments in the net lease joint venture include criteria such as location in a top-100 U.S. markets; a remaining lease term of at least 13 years; and “significant facility investment by the tenant,” according to the release.
Since 2010, Brennan Investment said, it has acquired more than $1 billion in industrial real estate. The company's current portfolio spans 22 states and encompasses nearly 22 million square feet.