Plymouth Industrial REIT has purchased a five-building, 924,036-square-foot industrial portfolio in Atlanta and Savannah, Ga., for $34.7 million. The acquisition has a projected initial yield of 7.6 percent. JLL negotiated the deal on behalf of the seller, Hight Knox Properties, according to Atlanta Business Chronicle.
The transaction marked Plymouth’s entry in the Savannah market, where it acquired three properties. In Atlanta, the company purchased two buildings located in the Northwest and Interstate 20 East submarkets, as well as 39 acres of land for future development. The assets are fully occupied by four tenants with weighted average lease terms of approximately seven years.
Expanding in Atlanta and entering the Savannah market have been Plymouth Industrial’s key objectives, according to Pendleton White Jr., the firm’s president & chief investment officer. Market conditions such as steady rent increases, established tenants and vacancy rates at an all-time low stood behind the company’s acquisition.
In recent months, Plymouth Industrial has also consolidated its presence in the Midwest. Last December, the REIT expanded its Indianapolis footprint with a $62 million portfolio transaction comprising 2.1 million square feet.