Gatehouse Acquires Four Properties Leased to BlueLinx
Gatehouse Financial Group (Gatehouse) is pleased to announce it has acquired a portfolio (“The Portfolio”) of four industrial properties through a JV with Brennan Investment Group, assisted by Arch Street Capital Advisors. The Portfolio consists of four properties leased to BlueLinx Holdings Inc., a leading building and industrial products distribution company (NYSE: BXC), and were acquired through sale-lease back transactions. The 2.3 million square foot Portfolio is situated in the Northeast, and Southeast regions of the U.S. States. Specifically, the properties are located in Georgia, Maryland, Massachusetts and North Carolina. "We are pleased to acquire this Portfolio at a time when we see opportunities to invest in the U.S. Industrial real estate market. The U.S Residential Housing Market has improved over the past few years and increased housing starts have created demand for building products," commented Mr. Fahed Boodai, Chairman of Gatehouse Financial Group. “The four properties that we are acquiring are strategically important to BlueLinx’s operations and serve important regional markets, including Atlanta, Baltimore, Boston, Philadelphia, Raleigh-Durham and Washington DC among others.” Mr. Boodai, continued, "This is our seventh portfolio with the Brennan Investment Group. Together we will have invested over $1 billion in the US industrial real estate markets. Gatehouse continuously seeks to partner with best-in-class operators with demonstrated expertise in specific real estate sectors. This venture will capitalize on Brennan's expertise in U.S. industrial real estate to generate compelling risk-adjusted returns and falls in line with our strategy towards investing in this sector". “Our successful collaboration with Gatehouse comes during an industrial renaissance in the United States, and throughout the world,” stated Michael Brennan, Chairman and Managing Principal of Brennan Investment Group. “Incremental demand from e-commerce , robotics, and data centers have bolstered already strong fundamentals and set the stage for a favorable investing environment in the future. We look forward to continuing our longstanding partnership with Gatehouse.” BlueLinx is a Fortune 1000 company based in Atlanta, Georgia and is one of the leading building and industrial products distribution companies in the US.