Brennan Investment Group Acquires 140,000-Square-Foot Industrial Facility in Dayton's Springboro South, Leased to Killer Brownie
Brennan Investment Group has closed on the acquisition of a 140,000-square-foot industrial facility in Dayton, Ohio, the Chicago-based private real estate investment firm announced Aug. 3, 2026. The property, located at 3303 W Tech Rd in the Springboro South industrial submarket, is fully leased under a long-term net lease to Killer Brownie, an Ohio-based premium dessert manufacturer with a national retail footprint exceeding 15,000 locations.
Property and Deal Details
The facility sits on approximately 12 acres just minutes from the I-75 and Austin Landing interchange, a logistics node connecting the Dayton and Greater Cincinnati markets. Built in 2000, the single-building asset features modern precast construction, 2,500-amp electrical service, attractive loading ratios, dual points of ingress and egress, and 125 parking spaces with flexibility to accommodate future trailer parking. The building's large power capacity and efficient site layout are consistent with the operational requirements of food manufacturing and distribution tenants.
Financial terms of the transaction, including sale price and cap rate, were not disclosed. For comparable single-tenant industrial assets in Midwest secondary markets, recent trades have generally fallen in the mid-6% to low-7% cap rate range, with pricing typically between $70 and $120 per square foot depending on lease term, tenant credit, and building quality — implying a valuation in the low eight-figure range for an asset of this size and profile.
The net lease structure passes operating expenses through to the tenant, providing Brennan with a bond-like income profile that has become increasingly attractive to private and institutional buyers seeking durable cash flow.
Tenant Profile: Killer Brownie
Founded in 1982, Killer Brownie has grown from a local Ohio bakery into a nationally distributed brand, with products now available in more than 15,000 retail locations across the country. The company's occupancy of a 140,000-square-foot facility with high electrical capacity and efficient loading infrastructure reflects the scale of production and logistics required to support that distribution network.
As a growth-stage, middle-market food manufacturer rather than a publicly rated corporate credit, Killer Brownie's tenancy carries a different risk profile than a blue-chip occupant. However, the operations-critical nature of a purpose-suited manufacturing facility — combined with the long-term net lease structure — raises the likelihood of tenant retention, a factor that typically supports asset valuation in single-tenant industrial transactions.
Brennan's Midwest Industrial Strategy
"This acquisition will provide both recurring income and strong residual value. This is well-located, functional, industrial real estate with strong fundamentals, quality tenancy, and long-term value creation potential," said Doug Lance, Senior Vice President at Brennan Investment Group. "The Dayton market continues to demonstrate strong industrial demand, and this property's strategic location and functionality make it an excellent addition to our growing Midwest portfolio."
Jack Brennan, Managing Principal, Midwest, added that the deal aligns with the firm's broader investment approach. "This property aligns well with our long-term investment strategy of acquiring well-located industrial assets in markets where we already have a strong operating platform," he said. "Our existing presence in the Dayton and Northern Cincinnati region allows us to leverage our local market knowledge and operational expertise while continuing to grow our portfolio in one of the Midwest's most important industrial corridors."
The Dayton acquisition is part of a pattern of programmatic deal-making by Brennan across Midwest industrial corridors. The firm has also recently announced the acquisition of a Chicagoland industrial building targeted for small-bay repositioning, as well as a recapitalization of a 720,000-square-foot industrial portfolio in Elk Grove Village, Illinois, near Chicago O'Hare. Together, these transactions reflect a strategy that combines core-plus, net-leased assets with value-add repositioning plays across the region.
Dayton–Cincinnati Industrial Market Context
The Springboro South submarket has emerged as a cost-effective alternative to core Columbus and Cincinnati warehouse markets, offering strong transportation access via I-75 to Detroit, Toledo, Cincinnati, and the broader Midwest while drawing from a deep regional labor pool. Leasing demand in the corridor has been driven by e-commerce, logistics, food manufacturing, and light assembly users seeking centrally located distribution points serving Ohio, Indiana, Kentucky, and surrounding states.
Vacancy for functional Class A and B industrial product in secondary Midwest markets has remained low, generally in the 3% to 5% range, as new supply has not kept pace with demand — a dynamic that supports pricing and rent levels for well-located, modern assets.
Brennan Investment Group, founded in 2010, has acquired or developed $6.5 billion in industrial real estate across 30 states. The firm's current portfolio encompasses approximately 58 million square feet and is supported by 18 regional offices. The firm's management team has collectively invested in more than 5,000 properties across more than 60 cities in the United States, Canada, and Europe.
Sources
Brennan Investment Group — Official Press Release, Aug. 3, 2026