Even as supply normalizes and vacancy rates give tenants some leeway, the industrial real estate market is still churning out high-profile sales. Brennan Investment Group — a private real estate investment firm specializing in acquiring, developing and operating industrial real estate — announced the purchase of a 31-building portfolio for an undisclosed amount.

The transaction encompasses the Powerline Business Park in Deerfield Beach, Fla., which is part of the Fort Lauderdale metro, in addition to the Montbello Industrial Park in Denver. The portfolio totals more than 1.3 million square feet.

Located at 4100 N. Powerline Road, the Powerline Business Park currently houses 85 flex-industrial tenants. According to commercial real estate listing and research tool CommercialEdge, the park totals more than 444,000 square feet of Fort Lauderdale industrial space across 14 small-bay buildings on a 26-acre lot. Initially built in 1983, the property has more than 520 parking spaces available. Powerline Business Park last changed hands in Q1 2019 for a reported $62.3 million.

Meanwhile, the Montbello Industrial Park encompasses more than 855,000 square feet of industrial space in Denver across 17 buildings. Located in an infill location adjacent to interstates 25, 70, 76, and 270, as well as close to Denver International Airport, the park provides excellent logistical advantages for tenants. Montbello Industrial Park is currently more than 95% leased to 40 light industrial tenants.

“We are pleased to conclude this major transaction early in 2024 with an investment that has everything we seek — in-fill locations, highly functional, and serving a tenant constituency that replenishes and supplies critical needs for strong demographic MSAs,” said Scott McKibben, managing principal and Brennan’s chief investment officer. “Brennan’s ability to source and manage these portfolios has grown with the expansion of our platform. Today, Brennan has 16 offices in major cities, including Chicago, Atlanta, Dallas, Houston, Austin, Tampa, El Paso, Denver, San Diego, Indianapolis, Nashville, Greenville, Philadelphia, Cincinnati and Washington, D.C.”

Chicago-based Brennan Investment Group operates more than 50 million square feet of industrial space spread across 28 states throughout the U.S. The company focuses on co-investing with private and institutional capital, also investing in properties in Canada and Europe. Alongside the acquisition, Brennan will open a dedicated office for East Coast Florida.