BOSTON--(BUSINESS WIRE)--Plymouth Industrial REIT, Inc. (NYSE American: PLYM) today announced it has executed a definitive agreement to acquire two Class B industrial properties in Indianapolis, Indiana for total consideration of $16.875 million. The purchase price includes approximately $8.5 million in cash, and the issuance of Plymouth’s Operating Partnership units valued at approximately $8.375 million. The properties are projected to provide an initial yield of 8.5%. The closing, which is subject to customary closing conditions, is expected to be completed within 30 days and would bring Plymouth’s acquisition volume since its June IPO to $54.4 million.
Located in Shadeland I-70 Business Park one mile from the major interchange of I-70 and I-495, the properties are 94% leased and comprised of a 562,497-square-foot building and a 44,374-square-foot building. The largest of the five tenants include Pratt Visual Solutions, a provider of graphic communications solutions, and MicroMetl, a manufacturer of HVAC accessories, which together account for 89% of the space.
Jeff Witherell, Chairman and Chief Executive Officer of Plymouth Industrial REIT, noted, “Indianapolis is an important distribution hub, and the East submarket has one of the lowest vacancy rates in the region. With their strong tenancy and excellent location, these buildings will be a great addition to our growing presence in Indiana. The ability to utilize our OP units in this transaction provides additional capital to execute our acquisition strategy.”
Plymouth is a full service real estate investment company structured as a vertically integrated, self-administered and self-managed real estate investment trust focused on the acquisition, ownership and management of single and multi-tenant industrial properties, including distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the United States. The company seeks to acquire properties that provide current operating income with the opportunity to enhance shareholder value through property re-positioning, capital improvements and restructuring tenant leases.
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