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Brennan Investment Buys Office Asset for Industrial Redevelopment – What is a Ground Lease?

By Apr21,2023

Brennan Investment Buys Office Asset for Industrial Redevelopment - What is a Ground Lease? <div class="wp-caption alignright"><a href="https://www.commercialsearch.com/news/wp-content/uploads/sites/46/2023/04/223074__RMC2_Aerial___Looking_North_04_03_23_51.jpg" target="_blank" rel="noopener"></a> RMC² aerial rendering. Image courtesy of Brennan Investment Group </div> Brennan Investment Group has acquired a 485,000-square-foot office building in Rolling Meadows, Ill., with plans to redevelop the property into a Class A industrial park. Upon completion, 3800 Golf Road is set to be renamed the Rolling Meadows Commerce Center, or RMC². According to CommercialEdge data, the previous owner, Spear Street Capital, purchased the property in 2010 for $29.5 million. Formerly the Midwest headquarters of 3Com Corp., 3800 Golf Road is also known as the Atrium Corporate Centre. The three-story building was completed in 1998 and is occupied by Capital One, Cambium Networks, Houghton Mifflin Harcourt and CareerBuilder. READ ALSO: <a href="https://www.commercialsearch.com/news/top-leed-certified-office-buildings-in-illinois/" target="_blank" rel="noopener">Top LEED-Certified Office Buildings in Illinois</a> 3800 Golf Road is located on a 40-acre site at the intersection of Interstate 90, I-290 and IL Route 53. The existing building’s demolition will create space for an approximately 600,000-square-foot industrial facility. Plans for the new development call for landscaped grounds and a high-end design. RMC² will target different types of users including data centers as well as distribution and manufacturing companies. Tenants will be in proximity to dining, entertainment and retail options. Although a final timeline has not been set, the project is expected to be complete in the next few years. Brennan is also developing a Class A industrial building in Pearland, Texas. The company acquired 12-acres of land to build a <a href="https://www.commercialsearch.com/news/brennan-to-build-216-ksf-industrial-project-in-houston/" target="_blank" rel="noopener">216,004-square-foot property</a> set to feature 36-foot clear heights, a 175-foot truck court and trailer parking spots. The post <a href="https://www.commercialsearch.com/news/brennan-investment-buys-office-asset-for-industrial-redevelopment/">Brennan Investment Buys Office Asset for Industrial Redevelopment</a> appeared first on <a href="https://www.commercialsearch.com/news">Commercial Property Executive</a>. Chicago, Development, Industrial, Investment, Midwest, News, Office, Brennan Investment Group, Spear Street Capital ground lease, ground leases, net lease, ground leases 101, ground lease nyc, skyline properties, skyline properties nyc, Robert Khodadadian, investment sales, broker, commercial real estate, skyline properties, commercial real estate, NYC real estate, ground lease, Skyline Properties, Skyline NYC, Skyline Properties NYC, New York City Real Estate, ground leases, commercial buildings, apartment buildings, townhouses, mixed use investment building, mixed use user buildings, live plus income buildings, industrial properties, NYC Real Estate, Real estate investment, commercial real estate, robert khodadadian, skyline properties, ground lease, net lease, investment sales, brokerage, manhattan real estate, off market broker, daniel shirazi, Off-market real estate Following demolition, the suburban Chicago site will feature 600,000 square feet of industrial space. 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RMC² aerial rendering. Image courtesy of Brennan Investment Group

Brennan Investment Group has acquired a 485,000-square-foot office building in Rolling Meadows, Ill., with plans to redevelop the property into a Class A industrial park. Upon completion, 3800 Golf Road is set to be renamed the Rolling Meadows Commerce Center, or RMC².

According to CommercialEdge data, the previous owner, Spear Street Capital, purchased the property in 2010 for $29.5 million. Formerly the Midwest headquarters of 3Com Corp., 3800 Golf Road is also known as the Atrium Corporate Centre. The three-story building was completed in 1998 and is occupied by Capital One, Cambium Networks, Houghton Mifflin Harcourt and CareerBuilder.

3800 Golf Road is located on a 40-acre site at the intersection of Interstate 90, I-290 and IL Route 53. The existing building’s demolition will create space for an approximately 600,000-square-foot industrial facility. Plans for the new development call for landscaped grounds and a high-end design.

RMC² will target different types of users including data centers as well as distribution and manufacturing companies. Tenants will be in proximity to din ing, entertainment and retail options.

Although a final timeline has not been set, the project is expected to be complete in the next few years.

Brennan is also developing a Class A industrial building in Pearland, Texas. The company acquired 12-acres of land to build a 216,004-square-foot property set to feature 36-foot clear heights, a 175-foot truck court and trailer parking spots.