Plymouth Industrial REIT has acquired a Class B industrial portfolio in Akron and Canton, Ohio, totaling 2.1 million square feet. According to the buyer, the $94 million acquisition is projected to provide an annual current yield of approximately 7.5 percent.
The portfolio consists of 10 buildings that are 98.7 percent leased. The assets host a total of 16 tenants from several industries including transportation, logistics, healthcare, manufacturing and food and beverage.
The acquisition is set to bring Plymouth’s footprint in metro Cleveland to more than 3.5 million square feet, with the company’s Ohio portfolio at more than 7 million square feet. The other six Cleveland assets are located in Twinsburg, Findlay, Avon and Solon. The REIT also owns seven properties in Cincinnati and eight in Columbus.
In October, Plymouth formed a $150 million equity joint venture with Madison International Realty to acquire value-add and opportunistic industrial properties. Plymouth will own a 20 percent interest in the joint venture.