Jun. 23 at 8:20 PM
$PLYM Plymouth Industrial REIT buys industrial properties portfolio in Ohio for
$193M
Plymouth Industrial REIT announced the acquisition of a 1.95M square-foot portfolio of industrial properties located across Columbus, Cincinnati, and Cleveland, Ohio for a total purchase price of
$193M. The 21-building portfolio comprises functional industrial assets with infill locations and physical features including high clear heights, truck loading, updated lighting, and modern office finishes.
The portfolio is currently 97% leased to 75 tenants with a weighted average remaining lease term of 2.47 years. In-place rents are approximately 22% below current market rates. The purchase price reflects a 25%-plus discount to today's replacement cost.