Plymouth Industrial REIT Completes Acquisition of Industrial Portfolio in Ohio for $94 Million

Rhea-AI Summary

Plymouth Industrial REIT (NYSE: PLYM) has successfully completed the acquisition of a 2.1 million square foot portfolio of industrial buildings in Akron and Canton, Ohio, at a cost of approximately $94 million. This portfolio consists of 10 buildings, 98% leased to 15 tenants across various sectors, with an expected annual yield of 7.5%. Following this acquisition, Plymouth's total industrial footprint in the Cleveland area has expanded to 3.6 million square feet and its total portfolio to 23.3 million square feet nationwide.

Positive

• Acquired a portfolio of 2.1 million square feet for approximately $94 million.
• Anticipated annual yield of about 7.5% from the acquisition.
• Increases total Ohio portfolio to 7.5 million square feet.
• Enhances market presence in Cleveland metropolitan area.
• 98% occupancy rate across the newly acquired properties.

Negative

• None.

BOSTON--(BUSINESS WIRE)--Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced it has completed the previously announced acquisition of a portfolio of industrial buildings in Akron and Canton, Ohio totaling 2.1 million square feet for approximately $94 million. The acquisition is projected to provide an annual current yield of approximately 7.5%.

The portfolio is comprised of 10 industrial buildings that are 98% leased to 15 tenants with a weighted average lease term of 3.5 years from a variety of industries, including transportation and logistics, healthcare, industrial manufacturing and food and beverage. The acquisition brings Plymouth’s scale in the Cleveland metropolitan area to 3.6 million square feet and increases the size of its Ohio portfolio to 7.5 million square feet. The Company will manage the properties from its Columbus regional office.

Location		City		Square Footage		Occupancy		Tenant Type
3081 Gilchrist Road		Akron		129,931		100%		Multi-Tenant
3111 Gilchrist Road		Akron		79,661		100%		Single-Tenant
3325 Gilchrist Road		Akron		188,846		100%		Multi-Tenant
3375 Gilchrist Road		Akron		255,000		100%		Single-Tenant
3400 Gilchrist Road		Akron		335,521		92%		Multi-Tenant
3425 Gilchrist Road		Akron		29,200		100%		Multi-Tenant
4211 Shuffel Street, NW		Canton		255,000		100%		Single-Tenant
2100 International Parkway		Canton		274,464		100%		Single-Tenant
2210 International Parkway		Canton		350,000		100%		Single-Tenant
1366 Commerce Drive		Stow		216,000		93%		Multi-Tenant
Total				2,113,623		98%

With the completion of this transaction, Plymouth has acquired 5.5 million square feet of industrial properties to date in 2020 for total consideration of approximately $244 million. Plymouth now owns 23.3 million square feet of industrial properties throughout the United States.

About Plymouth

Plymouth Industrial REIT, Inc. is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The Company seeks to acquire properties that provide income and growth that enable the Company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment.

Forward-Looking Statements

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