Plymouth Industrial REIT, Inc. has completed the acquisition of a 1.95-million-square-foot portfolio of industrial properties located across Ohio in Columbus, Cincinnati, and Cleveland, for $193.0 million.
The 21-building portfolio comprises highly functional industrial assets with strong infill locations and desirable physical features, including high clear heights, ample 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.
With this acquisition, Plymouth now owns over 12 million square feet of industrial space in Ohio. “By adding scale in our core markets and leveraging our vertically integrated platform, we believe we are well-positioned to drive long-term value creation and deliver strong leasing outcomes across the portfolio,” Anthony Saladino, President and CFO of Plymouth.
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