{"id":1004270153,"date":"2018-10-09T01:34:43","date_gmt":"2018-10-09T09:34:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004270153"},"modified":"2022-12-08T03:10:06","modified_gmt":"2022-12-08T11:10:06","slug":"plymouth-industrial-reit-grows-oh-presence","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/plymouth-industrial-reit-grows-oh-presence\/","title":{"rendered":"Plymouth Industrial REIT Grows OH Presence"},"content":{"rendered":"<p>By Timea Matyas<\/p>\n<div id=\"attachment_1004270174\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/30339-Diamond-Parkway-e1539008061996.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004270174\" data-attachment-id=\"1004270174\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/plymouth-industrial-reit-grows-oh-presence\/30339-diamond-parkway\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/30339-Diamond-Parkway-e1539008061996.jpg\" data-orig-size=\"1077,807\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Timea Matyas&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1539016337&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;0&quot;}\" data-image-title=\"30339 Diamond Parkway\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;30339 Diamond Parkway&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/30339-Diamond-Parkway-e1539008061996.jpg?w=1024\" class=\"wp-image-1004270174 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/30339-Diamond-Parkway-e1539008061996.jpg\" alt=\"30339 Diamond Parkway\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/30339-Diamond-Parkway-e1539008061996.jpg 1077w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/30339-Diamond-Parkway-e1539008061996.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/30339-Diamond-Parkway-e1539008061996.jpg?resize=768,575 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/30339-Diamond-Parkway-e1539008061996.jpg?resize=1024,767 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004270174\" class=\"wp-caption-text\">30339 Diamond Parkway<\/p><\/div>\n<p>Plymouth Industrial REIT has acquired a 400,000-square foot, Class A industrial building in Cleveland for $27 million in cash.&nbsp;The property was 100 percent leased to four tenants at the time of sale, including Royal Appliance Manufacturing Co. and Ryder Logistics. The buyer, which recently <a href=\"https:\/\/www.commercialsearch.com\/news\/plymouth-adds-2-warehouses-to-il-portfolio\/\">expanded its Chicago-area portfolio with two manufacturing facilities<\/a>, has signed an agreement to buy another industrial property totaling 1.1 million square feet in Cincinnati.&nbsp;<\/p>\n<p>Located at 30339 Diamond Parkway, the asset is in Cleveland\u2019s Southeast submarket. Completed in 2007, the cross-docked building features two drive-ins and drive-thru access. Additionally, the property includes 15,801 square feet of office space. Interstates 480 and 271 provide easy access to neighboring cities and Cleveland Hopkins International Airport is within 25 miles.<\/p>\n<p>The Cincinnati acquisition, which is expected to close later this month with a $24.8 million sales price, is set to be funded with the issuance of approximately $10.8 million in operating partnership units and the assumption of roughly $14 million of existing mortgage debt. The property is currently 92 percent leased to 12 tenants and spreads across 103 acres.<\/p>\n<p><em>\u201cCleveland and Cincinnati are attractive markets for us. \u2026 In addition to the stabilized income from strong current occupancy, the acquisitions offer opportunities to leverage our leasing expertise on future renewals in tight markets, significantly diversify our tenant base and secure future development potential,\u201d<\/em> Pendleton White, president &amp; chief investment officer of Plymouth Industrial REIT, said in prepared remarks.<\/p>\n<p><em>Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The buyer paid $27 million for a 400,000-square-foot, Class A building in Cleveland, and plans to spend a further $24.8 million on a 1.1 million-square-foot property in Cincinnati.<\/p>\n","protected":false},"author":1274,"featured_media":1004270174,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1583,1584,21743,21748,21783,13,21742],"tags":[38745,37033],"class_list":["post-1004270153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cincinnati","category-cleveland","category-deals","category-industrial","category-investment","category-midwest","category-latest","tag-pendleton-white-jr","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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