- people on the move
Real estate firm buys plant
A real estate investment firm has acquired the headquarters and plant of a machined components manufacturer in the region.
The Grand Haven-based home of Lakeshore Fittings was acquired by Chicago-based Brennan Investment Group, which acquires, develops and operates industrial facilities.
The 90,121-square-foot building, which sits on 7.61 acres at 1865 Industrial Dr., has served Lakeshore Fittings since it was built in 1989.
“This acquisition is illustrative of our criteria to acquire stabilized, mission-critical industrial assets at a low basis in in-fill markets,” said Scott McKibben, chief investment officer, Brennan Investment Group. “It also supports our investment objective of producing stable, long-term cash flow for our investors."
The company has no plans to make changes to the property.
The seller’s broker was Dirk Riekse, a managing director at Cushman & Wakefield.
The seller and the sales price were not disclosed.
Founded in 1980, Lakeshore Fittings is a high-speed machining company, specializing in brass and aluminum machined components and fittings.
Brennan Investment Group
Brennan Investment Group acquires, develops and operates industrial properties in select major metropolitan markets throughout the U.S.
Since 2010, Brennan Investment Group has acquired over $3 billion in industrial real estate.
The company's portfolio spans 29 states and encompasses nearly 40 million square feet.