Brennan Investment Group, a private real estate investment firm that acquires, develops and operates industrial properties on a national basis, plans to build and leaseback a new, state-of-the-art headquarters and freezer/cooler distribution facility for Poultry Products Northeast in Londonderry, New Hampshire.
According to company officials, the site is located less than an hour from Boston with immediate access to I-93 and minutes away from the Manchester airport. PPNE, founded in 1959, is the largest independent food distribution company specializing in center-of-plate meat products in New England.
This build-to-suit project will comprise 105,000 square feet on nearly 26 acres and will significantly improve the company's operating efficiency. The building is also designed for future expansion, which will allow PPNE to grow substantially over the longer term. Groundbreaking is scheduled during the first quarter of 2019.
"We appreciate the opportunity to accommodate PPNE's growth by delivering a first-class facility," said Chris Massey, Managing Principal at Brennan Investment Group. "Our ability to find solutions that allow companies to grow supports our investment objective of producing stable, long-term cash flow for our investors."
"The cold storage market has expanded considerably in recent years due to increasing demands for both fresh food products and e-commerce growth," said Scott McKibben, Chief Investment Officer at Brennan Investment Group. "We will see a significant amount of new development as the freezer/cooler sector simultaneously modernizes and meets new customer requirements."
Brennan reported its “ development activities have increased significantly over the last several years with active build-to-suit and speculative projects underway in Chicago's O'Hare market, Atlanta, Central Florida, Austin, Houston, Salt Lake City, and Denver. Active in major in-fill markets across the United States, Brennan sees long-term, stable demand from technology-enabled uses including e-commerce, robotics, automation, and data centers.”