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I’m excited to share some news…

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Some of you may have heard the news already, but I’m thrilled to share that I have been engaged by Brennan Investments Group to spearhead their new efforts into acquiring and developing industrial properties in the Carolinas and the Port of Savannah in Georgia. I’ll also oversee all operational activities within my region, including management and leasing.

I’m still leading the charge at Cardinal Real Estate Partners and Cardinal will continue advising and serving new and existing clients. I’m just extending my duties to help Brennan, a Chicago-based private real estate investment firm that has invested more than $13 billion in industrial transactions in more than 60 cities in the U.S. and abroad. Brennan has been one of the most active acquirers of industrial product in the US over the past 5 years.

I’m excited for two big reasons.

First, secondary markets like Charlotte, Raleigh, Greenville, Columbia and Charleston are hot – they simply offer a better value proposition. More so than any other city in the US, a recent PWC report shows that the outlook for Charlotte has changed the most most dramatically – they rate Charlotte as #12 for industrial investment. REITs and private equity are looking at the Carolinas as places where there is good rent growth and diverse tenant mix.

I’ve already made offers for properties that show promise for good value, which I’ll tell you more about in future posts. Also, by serving as Senior Vice President of Acquisitions with Brennan, it’s an opportunity to revisit my industrial developer roots, when early in my career I worked for International Airport Centers and later Trammell Crow Company.

The second reason I’m so excited about this opportunity is the chance to work with the folks at Brennan. Brennan has been one of the most active acquirers of industrial product in the U.S. during the past five years. If there is a viable industrial deal, Brennan has shown that they have the wherewithal to get it closed. They don’t necessarily go after what those of us in the business might consider class-A “core” and “stabilized”. We leave those for those chasing bond-type returns. Instead, they hone in on functional industrial properties in key markets where deals with higher spendable distributions can be found.

Chairman and Managing Principal Michael Brennan also serves as Executive Director of the University of Wisconsin’s James A. Graaskamp Center for Real Estate, consistently ranked among the best real estate programs in the world. He’s a thoughtful guy and has amazing insights into the business. All of the firm’s principals are highly experienced professionals, many of whom have long-term relationships with Michael from his First Industrial Realty Trust days. (He co-founded First Industrial, which helped many of the nation’s largest industrial users in completing complex supply chain reconfigurations.) Michael has proven he has long-term relationships with a wide range of equity sources resulting in a track record of closing all types of industrial transactions.

It’s an exciting time, and I look forward to introducing Cardinal to my equity and brokerage relationships. To learn more about Brennan go to brennanllc.com. And don’t forget – Cardinal remains alive and thriving, providing a wide range of brokerage and consulting services for all property types across the country.

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