BOSTON--(BUSINESS WIRE)--Plymouth Industrial REIT, Inc. (NYSE American: PLYM) announced that it completed the previously announced acquisition of a multi-tenant Class B industrial building in Indianapolis, Indiana. The acquisition, which is projected to provide an initial yield of 7.7%, was funded with borrowings on the Company’s credit facility and proceeds from its May 2019 equity offering.
The 484,879-square-foot industrial building on Sam Jones Expressway is 100% leased and located in the Southwest submarket in close proximity to the Indianapolis International Airport. The property serves as the national headquarters for Phoenix Material Management, a provider of container management solutions to manufacturers and distributors, and includes California-based Quemetco Inc. as a tenant, a subsidiary of RSR Corporation that recycles lead-based batteries.
Pendleton White, Jr., President and Chief Investment Officer, noted, “We are extending our presence in the Indianapolis market with an opportunity that offers strong initial cash flows, lease terms of over four years with two strong tenants, and a lower capital expenditure investment. The Southwest submarket is the largest industrial base of any in Indianapolis and has the highest net absorption.”
Plymouth Industrial REIT, Inc. is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The Company seeks to acquire properties that provide income and growth that enable the Company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment.
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