{"id":1004350244,"date":"2019-09-05T03:36:57","date_gmt":"2019-09-05T11:36:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004350244"},"modified":"2019-09-05T03:41:58","modified_gmt":"2019-09-05T11:41:58","slug":"plymouth-completes-90m-in-industrial-transactions","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/plymouth-completes-90m-in-industrial-transactions\/","title":{"rendered":"Plymouth Completes $90M in Industrial Transactions"},"content":{"rendered":"
\"4600<\/a>

4600 Pleasant Hill Road. Image courtesy of Plymouth Industrial REIT<\/em><\/p><\/div>\n

Plymouth Industrial REIT has paid $90 million for more than 2.2 million square feet in properties across three states. Pendleton White Jr., the company\u2019s president & chief investment officer, told Commercial Property Executive<\/em> that they\u2019d likely only need to do some minor upgrades in the short term as the properties are in good condition. He added Plymouth will look at some possible capital improvements for the older properties several years down the road.<\/p>\n

In Memphis, Tenn., Plymouth purchased two industrial buildings at 4540 and 4600 Pleasant Hill Road for $22.1 million. The acquisition was funded with $12.6 million in cash and the assumption of a $9.5 million mortgage loan. Both structures are part of Southpark Distribution Center and total more than 566,000 square feet, all of which is leased to outsourcing company iQor Global Services.<\/p>\n

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READ ALSO: <\/strong>Plymouth Industrial Closes Stock Sale, $97M Portfolio Purchase<\/a><\/p>\n

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In Chicago, the REIT assumed ownership of a seven-building Class B industrial portfolio for $32.3 million. Spanning more than 1 million square feet near interstates 55, 80 and 294, the structures are currently 97 percent leased to 15 tenants. The lease sizes range from 52,000 square feet to 455,000 square feet, with a weighted average lease term of 8.6 years. Four anchor tenants\u2014Ply Gem Building Products, A-Reliable Auto Parts & Wreckers, food packaging manufacturer Pactiv and baked goods supplier Aryzta\u2014occupy half of the portfolio\u2019s total square footage.<\/p>\n

In Ohio, Plymouth spent $36.2 million to purchase a six-building light industrial and flex portfolio. The REIT funded the acquisition with $14.9 million in cash and the assumption of a $21.3 million mortgage loan. Plymouth secured four buildings in Cincinnati that total more than 374,000 square feet and are currently 93 percent leased and two properties in Columbus that combine for more than 217,000 square feet and are fully occupied. Tenants range from auto manufacturing to life insurance.<\/p>\n

Plymouth\u2019s plan ahead<\/h2>\n

Plymouth already owns several industrial properties in these states. In April 2018, the REIT purchased two warehouses totaling 270,000 square feet<\/a> in Illinois for $15.7 million. Later that year in October, Plymouth bought a 400,000-square-foot industrial building in Cleveland<\/a> for $27 million. White said his company is planning to increase the footprints of the markets they\u2019re already in due to those markets\u2019 solid growth and favorable dynamics.<\/p>\n

\u201cA lot of it has to do with the capital that comes into the REIT, but we have a very robust pipeline of potential acquisitions that we feel we can execute upon,\u201d<\/em> White told CPE<\/em>. \u201cAs long as the capital comes into the REIT, we are quite confident we can continue executing on that acquisition strategy.\u201d<\/em><\/p>\n

The REIT is also interested in expanding into new Southeastern territories including Tampa and Orlando in Florida, Savannah, Ga., and St. Louis. White told CPE that Plymouth now owns nearly 15 million square footage in their portfolio and doesn\u2019t plan on slowing down.<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT acquired more than 2.2 million square feet in Tennessee, Illinois and Ohio.<\/p>\n","protected":false},"author":883,"featured_media":1004328587,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,23891,21742],"tags":[38745,37033],"class_list":["post-1004350244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-national","category-latest","tag-pendleton-white-jr","tag-plymouth-industrial-reit-inc"],"acf":[],"yoast_head":"\nPlymouth Completes $90M in Industrial Transactions - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/plymouth-completes-90m-in-industrial-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Plymouth Completes $90M in Industrial Transactions\" \/>\n<meta property=\"og:description\" content=\"The REIT acquired more than 2.2 million square feet in Tennessee, Illinois and Ohio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/plymouth-completes-90m-in-industrial-transactions\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-05T11:36:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-05T11:41:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/industrial-news-02.-Image-via-Pixabay.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/plymouth-completes-90m-in-industrial-transactions\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/plymouth-completes-90m-in-industrial-transactions\/\",\"name\":\"Plymouth Completes $90M in Industrial Transactions - 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