{"id":1004287226,"date":"2018-12-19T03:36:39","date_gmt":"2018-12-19T11:36:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004287226"},"modified":"2022-12-08T03:06:39","modified_gmt":"2022-12-08T11:06:39","slug":"plymouth-industrial-closes-stock-sale-97m-portfolio-purchase","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/plymouth-industrial-closes-stock-sale-97m-portfolio-purchase\/","title":{"rendered":"Plymouth Industrial Closes Stock Sale, $97M Portfolio Purchase"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004287232\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Salisbury-Business-Park.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004287232\" data-attachment-id=\"1004287232\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/plymouth-industrial-closes-stock-sale-97m-portfolio-purchase\/salisbury-business-park\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Salisbury-Business-Park.jpg\" data-orig-size=\"602,452\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&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=\"Salisbury Business Park\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Salisbury Business Park&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Salisbury-Business-Park.jpg?w=602\" class=\"wp-image-1004287232 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Salisbury-Business-Park.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Salisbury-Business-Park.jpg 602w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Salisbury-Business-Park.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004287232\" class=\"wp-caption-text\">Salisbury Business Park<\/p><\/div>\n<p>Plymouth Industrial REIT has a new partner and a new portfolio. The company has closed on a $75 million investment from Madison International Realty Holdings, which allowed for the simultaneous $97.1 million acquisition of the 1.1 million-square-foot Jacksonville Southside Business Park portfolio in Jacksonville, Fla.<\/p>\n<p>Enhancing its capital structure, Plymouth sold 4,411,764 shares of its Series B Convertible Redeemable Preferred Stock to Madison, at $17.000 per share. The REIT utilized proceeds from the transaction\u2014orchestrated by Sandler O&#8217;Neill and Partners\u2014to repay a $31.2 million loan from KeyBank and fund a $5 million stock repurchase program. An additional $34 million was applied to the purchase price of the Jacksonville assets.<\/p>\n<p><em>\u201cThe timing was right (for the strategic investment) because we required a large sum of equity to acquire the Jacksonville portfolio and our ability to access the public equity markets at the time was limited,\u201d<\/em> Jeff Witherell, chairman &amp; CEO of Plymouth Industrial REIT, told <em>Commercial Property Executive<\/em>.<\/p>\n<p>Plymouth financed the remaining cost of the Jacksonville portfolio with a short-term loan of $63 million through KeyBank. The collection of light industrial and flex facilities, located in the Southside submarket, consists of the three-building Salisbury Business Park, the six-structure Liberty Business Park and Center Point Business Park, an 11-building campus. The group of properties is 96 percent leased, with such leading businesses as Cardinal Health, Cintas, Comcast and Home Depot listed on the roster of 40 tenants.<\/p>\n<h2>Hitting targets<\/h2>\n<p>The acquisition of the Jacksonville portfolio gives Plymouth a million-square-foot presence in one of its core markets in one fell swoop.<\/p>\n<p><em>\u201cWe&#8217;ve been looking at Jacksonville for some time now and saw this opportunity as a way to achieve critical mass in a high-growth market, with very limited downside,\u201d<\/em> Pendleton White, president &amp; chief investment officer of Plymouth Industrial REIT, told <em>CPE<\/em>.&nbsp;<em>\u201cWe continue to assess other potential acquisitions in the Southeast. In addition to expanding our existing footprint in Atlanta, we&#8217;re also looking at Orlando, Savannah, Tampa and Charleston to name a few.\u201d<\/em><\/p>\n<p>Plymouth\u2019s growth plan, however, extends beyond key southeastern markets\u2014the Midwest is on its radar as well. In the third quarter of 2018, the REIT purchased a <a href=\"https:\/\/www.commercialsearch.com\/news\/plymouth-industrial-reit-grows-oh-presence\/\">400,000-square-foot industrial building in Cleveland<\/a> and announced a definitive agreement to buy a 1.1 million-square-foot property in Cincinnati. Additionally, in two separate deals earlier this year, Plymouth expanded its holdings in metropolitan Chicago with the acquisition of a 75,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/plymouth-industrial-reit-expands-chicago-footprint\/\">light manufacturing building in Elgin<\/a>&nbsp;and two manufacturing buildings totaling <a href=\"https:\/\/www.commercialsearch.com\/news\/plymouth-adds-2-warehouses-to-il-portfolio\/\">270,000 square feet in Elgin and Arlington Heights<\/a>.&nbsp;<\/p>\n<p><em>Image courtesy of&nbsp;Plymouth Industrial REIT<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The REIT sold $75 million worth of shares to Madison International Realty and used a portion of the proceeds to acquire a 1.1 million-square-foot group of assets in Jacksonville, Fla.<\/p>\n","protected":false},"author":969,"featured_media":1004287232,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,1591,21742],"tags":[32937,33189,38745,37033,40408],"class_list":["post-1004287226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-jacksonville","category-latest","tag-keybank","tag-madison-international-realty","tag-pendleton-white-jr","tag-plymouth-industrial-reit-inc","tag-sandler-oneill-and-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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