Brennan Investment Group, LLC and Arch Street Capital Advisors, LLC, acquired the eleventh property for their current single-tenant, net lease industrial aggregation venture. The transaction consists of the purchase, and simultaneous leaseback, to Wilbert Plastic Services of a 310,000 square foot facility located at 4221 Otter Lake Road in White Bear Lake, Minnesota.
Wilbert Plastic Services, headquartered in North Carolina, is a leading supplier of plastic injection-molded and heavy gauge thermoform products and assemblies. The building serves as the company's largest thermoforming facility.
Kevin Brennan, Vice President of Acquisitions at Brennan Investment Group stated, "The Minneapolis market is one of the top industrial markets in the United States with a total inventory of over 332 million square feet and has seen 26 consecutive quarters of positive net absorption."
"Industrial real estate and the net lease industrial real estate in particular continue to garner significant interest from our foreign institutional clients as the sector has strong demand drivers due to the resurgence of US manufacturing and the growth of e-commerce," said Gautam Mashettiwar, Vice President of Acquisitions at Arch Street Capital Advisors.
"The acquisition of the Wilbert Plastic Services facility was funded through our $300,000,000 net lease joint venture with one of Arch Street Capital Advisors' institutional clients," said Robert Vanecko, Brennan Investment Group's Managing Principal and the head of the firm's single-tenant, net lease division. "We are excited to add this property to our growing portfolio, which currently totals over 2.7 million square feet and consists of 11 assets."