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.
