{"id":1004185562,"date":"2017-08-01T05:28:49","date_gmt":"2017-08-01T13:28:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004185562"},"modified":"2022-12-07T17:23:02","modified_gmt":"2022-12-08T01:23:02","slug":"plymouth-industrial-scores-2-indianapolis-properties","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/plymouth-industrial-scores-2-indianapolis-properties\/","title":{"rendered":"Plymouth Industrial Scores 2 Indianapolis Properties"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004185566\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Shadeland-Interstate-70-Business-Park.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004185566\" data-attachment-id=\"1004185566\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/plymouth-industrial-scores-2-indianapolis-properties\/shadeland-interstate-70-business-park\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Shadeland-Interstate-70-Business-Park.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;IvyLee Rosario&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1501502139&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Shadeland Interstate 70 Business Park\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Shadeland Interstate 70 Business Park&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Shadeland-Interstate-70-Business-Park.jpg?w=800\" class=\"wp-image-1004185566 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Shadeland-Interstate-70-Business-Park.jpg\" alt=\"Shadeland Interstate 70 Business Park\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Shadeland-Interstate-70-Business-Park.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Shadeland-Interstate-70-Business-Park.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Shadeland-Interstate-70-Business-Park.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004185566\" class=\"wp-caption-text\">Shadeland Interstate 70 Business Park<\/p><\/div>\n<p>Plymouth Industrial REIT Inc. completed an agreement to acquire two Class B\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/indianapolis-industrial-portfolio-changes-hands\/\">industrial assets in Indianapolis<\/a> for $16.9 million, bringing the company&#8217;s acquisition volume since its June IPO to a total of $54.4 million.\u00a0<\/p>\n<p>The purchase includes $8.5 million in cash and the issuance of Plymouth Operating Partnership units valued at $8.4 million. The properties are projected to provide an 8.5 percent initial yield.<\/p>\n<h2>Major Tenants<\/h2>\n<p>Located within Shadeland Interstate 70 Business Park, the two properties comprise a total of 606,871 square feet of space. Pratt Visual Solutions and MicroMetl, the two largest tenants out of a roster of five, are occupying 89 percent of the buildings. The overall occupancy rate of the two properties is 94 percent. The business park is in close proximity to the major interchange of interstates 70 and 495.\u00a0<\/p>\n<p><em>\u201cIndianapolis is an important distribution hub, and the East submarket has one of the lowest vacancy rates in the region,&#8221; <\/em>said Jeff Witherell, chairman &amp; CEO of Plymouth, in prepared remarks.<em> &#8220;With their strong tenancy and excellent location, these buildings will be a great addition to our growing presence in Indiana. The ability to utilize our OP units in this transaction provides additional capital to execute our acquisition strategy.\u201d<\/em><\/p>\n<p><em>Image via\u00a0Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Located within Shadeland Interstate 70 Business Park, the two properties comprise a total of 606,871 square feet of space and are currently 94 percent leased.<\/p>\n","protected":false},"author":746,"featured_media":1004185566,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1590,21748,13,21742],"tags":[37033],"class_list":["post-1004185562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-indianapolis","category-industrial","category-midwest","category-latest","tag-plymouth-industrial-reit-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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