Plymouth Industrial REIT Acquires Small Bay Industrial Portfolio for $20.1 Million

BOSTON, Dec. 20, 2024 (GLOBE NEWSWIRE) — Plymouth Industrial REIT, Inc. (NYSE: PLYM) today announced it has acquired a portfolio of primarily small bay industrial properties in Cincinnati, Ohio for $20.1 million, which equates to an anticipated initial NOI yield of 6.8%. The portfolio consists of nine buildings totaling 258,082 square feet that are currently 96.9% leased to 23 tenants with a weighted average lease term of approximately 2.75 years.

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The Company has a second tranche of this portfolio that is under contract for $17.9 million, which equates to an anticipated initial yield of 7.3%, and is expected to close in the first quarter of 2025, contingent on the satisfaction of customary closing conditions, which cannot be assured. This portfolio consists of four buildings in Cincinnati totaling 240,578 square feet that are currently 98.0% leased to nine tenants with a weighted average lease term of approximately 3.75 years.

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Jeff Witherell, Chairman and CEO of Plymouth Industrial REIT, noted, “We have an active pipeline of new investment opportunities we are pursuing in 2025. This portfolio is the first of these new transactions and is a strong addition to our existing presence that will now total over 3 million square feet in the Cincinnati market. We have purchased these buildings well below replacement cost with below-market rents. Consistent with the plans we have previously outlined to deploy our available capital, we expect to improve these initial returns significantly over the next two years through leasing and asset management.”

About Plymouth
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.