PRC Announces $29,000,000 Bridge Financing for Reston Metro Center One

Bethesda, MD, May 29, 2020

Phillips Realty Capital (“PRC”) announces that it has arranged $29 million in financing for Reston Metro Center One (the “Property”), a 124,076 SF office building  located at 12120 Sunrise Valley Drive and within walking distance of the future Reston Town Center Silver Line Metrorail Station.

The PRC team worked exclusively on behalf of the borrower, HighBrook Investors, to secure the three-year plus extension options, floating-rate loan provided by Rubenstein Mortgage Capital (“RMC”), the debt investment platform of Rubenstein Partners, L.P. (“Rubenstein”). The vacant Property was acquired through a note sale where HighBrook subsequently took title. Loan proceeds represented initial financing for the acquisition with additional funds for capital expenditures and leasing reserves.

“HighBrook’s repositioning experience should serve them well in transforming Reston Metro Center One, and we are pleased to support their business plan with this financing. We are excited about our partnership with HighBrook, and the Phillips Realty Capital team played an integral role in our successful execution,” said Ashesh Parikh, RMC.

Built in 2000, the fully vacant Property provides a premier headquarters opportunity for prospective tenants relocating to Reston, offering signage visibility from the Dulles Toll Road, walkable Metro access, and is located 6.5 miles from Washington Dulles International Airport. Property amenities include ample parking (3.5 spaces per 1,000 rentable square feet), access to high level fiber, an employee lounge, a tenant fitness center with full locker rooms, and is surrounded by ample walkable amenities including the Reston Metro Center and the future $1.4 billion Halley Rise mixed-use development.

The Phillips Realty Capital team that structured the financing on behalf of the borrower included Malcolm Shaw, Steve Shaw, Harmon Handorf, and Bill Wrench.

About Highbrook Investors

HighBrook Investors is a real estate private equity firm which acquires and actively manages property investments in the United States and Europe. Utilizing its collective experience across private, public, domestic, and developed international markets, the HighBrook team specializes in sourcing and identifying unique opportunities for value investing across market cycles. HighBrook purchased its first asset in 2010 and has since raised three fully discretionary commingled funds and two co-investment vehicles. For more information, visit

About Rubenstein Mortgage Capital

RMC is the dedicated debt investment platform of Rubenstein Partners, focused exclusively on mortgage lending and debt investments. RMC provides fully discretionary balance sheet lending solutions for transitional office investors and office project developers seeking non-recourse first mortgage financing up to 80% of the capital structure. RMC provides flexible mortgage terms, and underwrites and asset manages its mortgage loan investments.

About Rubenstein Partners

Rubenstein Partners, founded in September 2005, is a private real estate investment advisory firm with operations throughout the United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on office real estate equity and debt investments in the U.S. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 22 million square feet of office real estate assets throughout the United States. For more information, visit

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PRC Secures $49,625,000 Acquisition Loan for Two Herndon Office Buildings

Bethesda, MD, January 16, 2020

A joint venture between Goodstone LLC and Waterfall Asset Management LLC announced that it secured $49,625,000 of debt financing from Bridge Investment Group to acquire and renovate Northridge I & II, two separate but contiguous properties that jointly offer 258, 452 square feet of office space in Herndon, Virginia adjacent to Amazon Web Service’s east coast hub. The acquisition loan structured by Phillips Realty Capital includes funding for 100% of Goodstone’s strategic modernization plans that combine the properties into one integrated campus with shared amenities and upgrades that will restore the buildings to “best-in-class” status. Timing of this transformative redevelopment will be concurrent with delivery of the proximate Innovation Center Metro mixed-use transit center.

“Our relationships with two different property sellers at this unique time and location presented a special set of circumstances we are acutely well positioned to leverage,” said Stephen Durr, President of Goodstone. “By consolidating ownership, we can make high-impact investments at competitive rates, timed to align with growth around the new metro so the value of the new combined asset will exceed the sum of its parts.” Goodstone plans to unify the properties with shared tenant amenities including food service, conferencing, fitness and tenant collaboration spaces, as well as deliver contemporary spec suites and turnkey tenant spaces desired by today’s employers seeking to attract talent.

“Northridge is well-located to serve a growing tenant market of technology, cyber-security, healthcare, and defense firms,” said Jay Haberman, Managing Director, Bridge Investment Group. “The properties are 87% leased, falling to 67% over the next eighteen months, which is ideal timing for Goodstone to implement its transformative vision tailored to suit the needs of this market.”

“The financing structure includes good news money to maximize the upside of Goodstone’s aggressive stabilization plan,” said John Sieber, Phillips Realty Capital Principal. “Phillips has worked with Goodstone on other value-add deals and with Bridge on recent recapitalizations and acquisitions. That combined experience and related knowledge served both the borrower and lender.”

A Cushman & Wakefield team led by Drew Flood and Shaun Collins represented the seller of Northridge I. Bill Prutting and Jim Molloy with Jones Lang LaSalle represented the seller of Northridge II.

About Goodstone

Goodstone LLC is a commercial real estate investment management firm headquartered in Washington, DC with investments in Maryland, Virginia and Texas. Goodstone sources, acquires and manages commercial office building investment opportunities on behalf of the firm’s principals, private clients and financial institutions. For more information visit

About Waterfall Asset Management, LLC

Waterfall Asset Management, LLC is an SEC-registered institutional asset manager focused on structured credit and private equity investments. Waterfall was founded in 2005 and had approximately $8.7 billion in assets under management as of November 2019. Waterfall Asset Management’s headquarter offices are located in New York City. More information can be found online at

About Bridge Investment Group

A team lead by Jay Haberman originated the loan and provided the funds to acquire the Class-A office property. Bridge Investment Group is a privately-held real estate investment management firm with $16 billion in assets under management. Bridge combines its 2,700-person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing, opportunity zones, and debt strategies. Read more at

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PRC Structures $27.8M Investment with Argosy for Woodfield OZ-Qualified Apartments

Bethesda, MD, January 14, 2020

Phillips Realty Capital (PRC) announced that a $27,800,000 equity financing on behalf of Woodfield Development has closed and funded. Argosy Real Estate Partners (AREP) provided a joint venture equity investment toward the development of Morrison Yard, a 380-unit, trophy multifamily community in Charleston’s Morrison Drive (NoMo) neighborhood on the Upper Peninsula. The project is AREP’s fourth qualified Opportunity Zone investment. The joint venture equity investment was structured by Adam Bieber, Managing Director at Phillips Realty Capital.

Construction has commenced on the site, which will consist of a ten-story concrete high-rise building and a six-story wood-framed mid-rise building, each featuring studio, one-, two-, and three-bedroom floor plans with best-in-class interior appointments and community amenities. The complex will offer ground-floor retail, a two-story parking structure, an expansive clubhouse, eight open courtyard spaces, multiple water features, and unparalleled views. The NoMo area in the Peninsula submarket is emerging as Charleston’s premier residential destination, offering tremendous access to the market’s primary employment nodes and lifestyle amenity destinations in nearby Mount Pleasant.

“We are thrilled to have had the opportunity to work on behalf of Woodfield Investments and Argosy Real Estate Partners on the structuring of Morrison Yard,” Bieber said. “Both groups contain the perfect mixture of expertise and experience in the market, and we look forward to seeing how this incredible, transformative project changes the landscape of the NoMo District in Charleston.“

“Since the moment we sourced Morrison Yard, we have been excited about the opportunity. This development was sourced prior to the Opportunity Zone designation, and upon receiving that designation, we were excited about how the advantages would benefit our partners as well as the community,” said Woodfield Partner Mike Schwarz.

“Adam and PRC have been a terrific partner in understanding our developments and finding excellent parties to collaborate with,” Schwarz added. “The entire Woodfield team is elated about our first joint venture with Argosy Real Estate Partners, which we hope will be the first of many.”

Commenting on the project, Argosy Vice President Jason Abel said, “The Argosy model has always been to source opportunities in partnership with experienced local operating partners. Charleston is a market that we have recently invested in and targeted, and we are excited about the partnership with Woodfield Development and the addition of Morrison Yard to our platform. We echo the excitement around the project and look forward to a successful relationship with Woodfield on what we hope will be the beginning of a multi-project relationship.”

About Woodfield Investments

Woodfield Development is a premier developer and operator of Class A multifamily communities. Amongst its peer group, the Woodfield partnership has unmatched experience in development, asset management and real estate finance. Since the formation of the company in 2005, Woodfield has completed 30 communities, has 10 communities under construction and numerous projects in various stages of entitlement and design. From the first project to each thereafter, the singular goal is to deliver well-conceived, thoughtfully designed, market supported projects that hit our markets’ sweet spot and create value for our investors and partners. With a track record that stands above, Woodfield Development sets out to assemble the best team of designers, consultants, architects, contractors and capital sources – every development, every time. Read more at

About Argosy Real Estate Partners

Argosy Real Estate Partners specializes in opportunistic, value-add and core-plus real estate investments in the middle market. Argosy Real Estate Partners invests in multifamily, office, retail, lodging and for-sale residential opportunities throughout the United States. Argosy currently manages over $1.2 billion of gross value of real estate assets and uncommitted equity capital on behalf of institutional investors, family offices and high net worth individuals. Argosy Real Estate Partners is a subsidiary of Argosy Capital. For further information, visit

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PRC’s Mark Remington Share Insights on Hotel Financing

Bethesda, MD, November 7, 2019

PRC’s Mark Remington was part of a panel discussion on “The Anatomy of the Capital Stack & Creative Financing” at Bisnow’s Hotel Leadership, Investment & Management Summit.

…The pullback on LTV creates more opportunities for gap financing … Another source that can fill the gap is EB-5 financing, said Phillips Realty Capital principal Mark Remington.

Remington also said he is seeing banks lending only up to 50% or 55% of the capital stack. He said some debt funds are willing to go up to 65% or 75%, but the interests rates become significantly higher. “In the bank world they’re reserving their precious capital for their best clients,” Remington said. “They’re doing lower leverage and more recourse. The debt funds are filling the void as they did 10 years ago.”

Read more on Bisnow.


PRC Structures $28.8M Acquisition Loan for Purchase of Class A Office in New Jersey

Bethesda, MD, October 30, 2019

Phillips Realty Capital announced that a $28,795,000 transaction on behalf of Legacy Investing, LLC, a repeat client, has closed and funded. Bridge Investment Group provided non-recourse financing for Legacy to acquire a 205,000 square foot Class-A office building located at 77 Corporate Drive in Bridgewater, NJ. Phillips Realty Capital’s William Lawson and Adam Bieber structured and placed the loan.

Originally developed as an expansion of Sanofi’s adjacent headquarters building, 77 Corporate Drive is part of a lush 300-acre office park located between Interstates 287 and 78. Built in 2011, fully configured for Sanofi by 2014, and upgraded in 2019, the property is comprised of four stories of highly efficient office space that accommodates close to 1,000 seats and over 100 meeting spaces. Building amenities include a café, sit-down areas, conference facilities, full building generator back-up and four loading dock bays. Designed to capitalize on the property’s central New Jersey location, less than an hour outside of New York City, 77 Corporate Drive has the unique potential to accommodate a parking ratio of seven spaces per 1,000 square feet leased.

Legacy Investing purchased the property from Senior Housing Properties Trust for $47.5 million. Currently 59% leased to IQVIA, a publicly traded multinational health information technology and clinical research company, the property is well suited to capture an additional anchor tenant or be demised for multi-tenant use with plug-n-play space featuring available furniture and high-end fixtures and finishes.

“Legacy’s proven track record with property lease-ups coupled with the characteristics of this asset fit well with Bridge Investment Group’s portfolio strategy,” explained Lawson of Phillips Realty Capital. “Based on deals we’ve worked on separately for each firm, we knew this would be a win-win for the borrower and the lender.”

“The Phillips team remains an outstanding resource and partner for our team when we evaluate all types of real estate transactions,” said Jay Rappaport, co-founder and Managing Member of Legacy Investing. “We were thrilled with their ability to structure the right capital partner for this opportunity, and we look forward to working with them and Bridge on future deals.”

About Legacy Investing, LLC

Legacy Investing invests in asset classes where tenant demand is being disrupted by fundamental changes in technology. Legacy focuses on data center, industrial and office real estate across the US. The firm’s team of seasoned technology and real estate executives has leveraged this platform over the past decade to complete more than $1.5 billion in transactions. Read more about Legacy Investing at

About Bridge Investment Group

A team lead by Jay Haberman originated the loan and provided the funds to acquire the Class-A office property. Bridge Investment Group is a privately-held real estate investment management firm with $16 billion in assets under management. Bridge combines its 2,700-person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing, opportunity zones, and debt strategies. Read more at

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PRC Works with Madison Marquette on the Recapitalization of One Light Street

Bethesda, MD, October 28, 2019

Phillips Realty Capital’s Mark Remington is proud to have worked with Madison Marquette and Bridge Investment Group on the $185 million recapitalization of One Light Street. Located in the heart of downtown Baltimore, One Light Street is a new trophy mixed-use high rise featuring luxury residential apartments, Class A office space, garage parking and ground floor retail. Madison Marquette recently issued a press release which can be read in its entirety on PR Newswire or below.

Madison Marquette, a leading private real estate investment manager, service provider, developer and operator, announced today that it has structured $185 million financing through Bridge Investment Group to recapitalize One Light Street, a new trophy mixed-use high-rise in downtown Baltimore. The 28-story mixed-use tower features luxury residential apartments, Class A office space with M&T bank as the lead tenant and 5,000 square feet of ground floor retail. Madison Marquette is the developer of the property.

“We are delighted to see downtown Baltimore attracting continued investment confidence,” said Peter Cole, Chief Development/Asset Management Officer, Madison Marquette. “This recapitalization is a solid endorsement of the live-work-play dynamic that One Light Street offers along with its extraordinary location in the heart of the city’s original Business District.”

“One Light Street’s success is compelling proof that Baltimore’s harbor city attributes continue to be magnets for new development,” said Jay Haberman, Managing Director, Bridge Investment Group. “This unique tower combines location, amenities and 21st century excitement within walking distance of Baltimore’s world class harbor and Camden Yards. Its popularity speaks to Baltimore’s stature as one of America’s great cities to live and do business.”

One Light Street offers a dramatic glass curtain wall and nine floors of modern, virtually column-free office space topped by ten floors of 280 luxury apartments with sweeping views of the Inner Harbor and Baltimore skyline. The tower also includes ground floor retail and nine levels of garage parking, located just two blocks from Baltimore’s Inner Harbor. The building earned a LEED Silver designation for new construction and offers a full complement of best-in-class amenities — including a gym, yoga studio, dog park, common space with indoor and outdoor kitchens, a pool, and sun deck. While the apartments are attracting a broad and diverse demographic – from young professionals to empty nesters, M&T Bank occupies 155,000 square feet on six floors for its Mid-Atlantic headquarters.

Peter Cole and George Kelly led the recapitalization efforts for Madison Marquette. Jay Haberman represented the lender, Bridge Investment Group in this transaction. Phillips Realty Capital’s Mark Remington served as advisor in the recapitalization.

About Madison Marquette

Madison Marquette is a leading private real estate investment manager, service provider, developer and operator headquartered in Washington, D.C. As a full-service real estate provider, the company delivers integrated investment, development, leasing and management services to a diverse portfolio of 330 assets in 20 states and manages an investment portfolio valued at over $6 billion. The company partners with global, institutional and private investors to provide industry-leading investment and advisory services across asset classes — including mixed-use, retail, office, medical, industrial, senior living and multi-family. Founded in 1992, the company built its reputation on the successful development, repositioning and redevelopment of landmark mixed-use assets, and now leverages that performance legacy to provide clients with exceptional asset services and investment advice. Madison Marquette has over 620 professionals providing nationwide service from 14 regional markets and is a member of the Capital Guidance group of companies.

About Bridge Investment Group

Bridge Investment Group is a privately-held real estate investment management firm with $16 billion in assets under management. Bridge combines its 2,700-person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing, opportunity zones, and debt strategies.


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PRC Structures $67 Million Data Center Value-Add Capital for Element Critical

Bethesda, MD, August 26, 2019

Phillips Realty Capital announced that a $67,000,000 transaction on behalf of Element Critical and its sponsors, Safanad and Industry Capital, has closed and funded. A team led by Bryan Leigh at EagleBank provided the funds to refinance and improve the 199,097 SF Tier III data center and office building located in Vienna, VA. Phillips Realty Capital’s William Lawson, Adam Bieber, and Harmon Handorf structured the debt financing.

Located at 7990 Quantum Drive, Element Critical’s Northern Virginia facility was built in 1978 and acquired by Safanad Industry Capital Internet Infrastructure, L.P. in 2016 from The Meridian Group. At completion, the Property will feature nearly 130,000 square feet of raised floor, including an 8 MW expansion of critical power in a N+1 redundancy configuration. This transaction will help fund the expansion plans that began shortly after the 2016 acquisition. The Property is predominately leased by publicly traded, investment grade tenants.

“On behalf of Element Critical and our sponsors, we were pleased with the market’s reaction to our transformation and enhancement of Quantum Drive,” said Ken Parent, CEO of Element Critical. “We were impressed by both Phillips Realty Capital’s financing team’s ability to tell our story and structure accretive capital and EagleBank’s well-tailored loan that will enable us to reach our goals with this asset.”

Lawson explained, “The capital markets for data center financing are rapidly evolving with more traditional and conventional lenders starting to invest in the space. Element Critical and its sponsors offer a powerful blend of capital expertise and operational excellence within the industry. EagleBank quickly demonstrated their deep knowledge and understanding of the market and provided our sponsor with a terrific structure for the next phase in this asset’s life-cycle.”

“Northern Virginia is the largest and most dynamic data center market in the world. Structuring debt in this critically important market for sponsors with expertise and passion is incredibly rewarding,” said Bryan Leigh, SVP Commercial Real Estate at EagleBank.  “We are very optimistic about the market and this asset in particular, and we’re committed to deploying more capital into this space.”

About Element Critical

Element Critical manages and operates data centers in Silicon Valley, Northern Virginia and now Chicago. The company’s Tier III hybrid IT ready facilities are carrier-neutral, network-rich, concurrently maintainable and available in a variety of deployment sizes and densities. Element Critical cares as much about the people they serve as the servers they house. Element Critical offers a data center experience that brings solutions engineering and customer service out of the shadows and into the spotlight. For more information, visit

About Safanad

Safanad is a global principal investment firm founded in 2009 with its main presence in New York and offices in London and Dubai. The firm creates sustainable value by pursuing opportunities underpinned by long-term social and economic insights and clear public sector policies and plans. As a principal investor, Safanad utilizes its capital, expertise and exceptional management partners to preserve and grow wealth for the firm and its global private and institutional clients. To date, Safanad has successfully executed ~$10 billion of transaction value in the U.S. and Europe across sectors including healthcare, education, student housing, suburban offices, automotive supply chain, and data centers. For more information, visit

About Industry Capital

Industry Capital is a private equity firm investing in real assets globally. The firm was founded in 2003 and based in San Francisco. Since inception, the firm has grown through investments in industrial real estate, real assets and a wealth management business. Industry Capital has a track record of success in operationally intensive real estate and has relationships with major pension funds, High-Net-Worth and private equity firms. Industry Capital is led by three partners with significant investment experience and a seasoned team of over 20 people.

About Eagle Bancorp, Inc & EagleBank

Eagle Bancorp, Inc. is the holding company for EagleBank, which commenced operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and conducts full service commercial banking through 20 offices, located in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace. For more information, visit

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Phillips Realty Capital Welcomes Malcolm Shaw

Bethesda, MD, July 2, 2019 –

Phillips Realty Capital announced that it has hired Malcolm Shaw as a managing director in its Bethesda, Maryland headquarters. He will be part of the production team, structuring debt and equity financing for the privately-owned mortgage banking firm’s commercial real estate clients.

Prior to joining PRC, Shaw served as a director at Ladder Capital Corp where he was responsible for the origination of both balance sheet and fixed rate securitized loans.

Mr. Shaw started June 3, 2019 and reports to David C. Foulk, principal.

“We’re thrilled to have attracted Malcolm away from Manhattan to join our team in the Washington Metropolitan Area,” Foulk said. “As we continue to embark on our growth strategy, Malcolm brings great experience to our team. He’s been immersed in the capital markets and brings fresh perspective from the investor side of the industry. He also exemplifies the work ethic and personal commitment that continue to be hallmarks of Phillips Realty Capital’s reputation.”

Talking about joining the firm, Shaw said, “This is a really exciting time in the history of Phillips. I am at a point in my career where I know I can add real value as we pursue growth opportunities in different markets. I see how clients benefit from working with a firm that still operates like a family-run business, and I am proud to be a part of the next generation of Phillips Realty Capital.”

PRC Structured in Excess of $700M in Q12019, Firm’s Best Quarter Ever

Bethesda, MD, May 8, 2019 –

Phillips Realty Capital announced that 1Q2019 was the best quarter in the mortgage banking firm’s 85-year history. Backed by best-in-class underwriting professionals, the production team structured more than $700 million of capital across property types and markets. The firm secured financing for retail, multifamily, office, cold storage industrial, hotel, and single-family rental properties in seven states across the country.

“Our first quarter has been outstanding, and we are confident that this momentum will carry into the balance of 2019,” said Joseph C. Tilley, Phillips Realty Capital Chief Operating Officer. “Capital is abundant, and our deep relationships with all types of capital providers allow us to find the most effective sources for our clients. On the other hand, product is scarce. Our history working with experienced developers and property owners enables us to offer attractive investment opportunities for capital providers.”

Speaking about changes in the market, Tilley explained, “Transactions have grown more complex. Our expert underwriting team has the ability to structure capital configurations to meet the objectives of everyone involved. The alignment of our relationships and capabilities has resulted in a robust pipeline. We are excited about the coming months.”

Phillips Realty Capital is a leader in Washington, D.C. commercial real estate finance, structuring in excess of $1.2 billion in debt and equity transactions a year and servicing a $2.5 billion loan portfolio on behalf of 25 institutional investors. Established in 1933 and still privately owned, Phillips has a proven track record of collaborating with premier property owners, lenders, and investors to structure the most competitive transactions available in the market. With offices in Bethesda, Richmond, Charlottesville, and Alexandria, dedicated teams of experts deliver reliable financial analysis, precise valuations, and deep knowledge of capital markets to structure capital stacks that leverage debt and equity financing to maximize the value of client assets.

PRC Works with Brennan Investment Group on Development of Headquarters and Cold Storage Distribution Facility

Bethesda, MD, March 8, 2019

Phillips Realty Capital is proud to have worked with Brennan Investment Group to secure development financing for a new headquarters and cold storage distribution facility for Poultry Products Northeast in Londonderry, New Hampshire. Financing was arranged by John Sieber and William Lawson and provided by Camden National Bank, a Full-Service Community Bank headquartered in Camden, Maine. Brennan Investment Group recently issued a press release which can be read in its entirety on their website or below.

Brennan Investment Group, LLC, a private real estate investment firm that acquires, develops and operates industrial properties on a national basis, has announced plans to build and leaseback a new, state-of-the-art headquarters and freezer/cooler distribution facility for Poultry Products Northeast (“PPNE”) in Londonderry, New Hampshire. The site is located less than an hour from Boston with immediate access to I-93 and minutes away from the Manchester airport. PPNE, founded in 1959, is the largest independent food distribution company specializing in center-of-plate meat products in New England.

This build-to-suit project will comprise 105,000 square feet on nearly 26 acres and will significantly improve the company’s operating efficiency. The building is also designed for future expansion, which will allow PPNE to grow substantially over the longer term. Groundbreaking is scheduled during the first quarter of 2019. “We appreciate the opportunity to accommodate PPNE’s growth by delivering a first-class facility,” said Chris Massey, Managing Principal at Brennan Investment Group. “Our ability to find solutions that allow companies to grow supports our investment objective of producing stable, long-term cash flow for our investors.”

“The cold storage market has expanded considerably in recent years due to increasing demands for both fresh food products and e-commerce growth,” said Scott McKibben, Chief Investment Officer at Brennan Investment Group. “We will see a significant amount of new development as the freezer/cooler sector simultaneously modernizes and meets new customer requirements.”

Brennan’s development activities have increased significantly over the last several years with active build-to-suit and speculative projects underway in Chicago’s O’Hare market, Atlanta, Central Florida, Austin, Houston, Salt Lake City, and Denver. Active in major in-fill markets across the United States, Brennan sees long-term, stable demand from technology-enabled uses including e-commerce, robotics, automation, and data centers.

About Brennan Investment Group

Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired over $3 billion in industrial real estate. The company’s current portfolio spans 28 states and encompasses nearly 40 million square feet.

Brennan Investment Group co-invests with private and institutional capital to achieve outstanding risk-adjusted returns. The firm’s management team is among the most accomplished in its industry, having invested in over 4,000 properties covering more than 60 cities throughout the United States, Canada and Europe.

For more information on Brennan Investment Group, go to