A joint venture between Brennan Investment Group and Barings has secured $150 million to finance the aggregation of industrial outdoor storage (IOS) assets across the Mountain West, Texas and Midwest markets, seeded by a five-property portfolio in the Denver, Houston and Austin markets.
JLL Capital Markets arranged the financing.
The financing supports Brennan Investment Group and Barings’ partnership to build a scalable industrial outdoor storage platform across targeted growth markets. The facility includes the ability to add qualifying industrial outdoor storage assets during the initial term while also supporting future tenant improvements, leasing costs and capital expenditures. The business plan focuses on acquiring well-located industrial outdoor storage properties and executing value-add initiatives that enhance functionality and attract a broad range of occupiers.
