BOSTON--(BUSINESS WIRE)--Plymouth Industrial REIT, Inc. (NYSE American: PLYM) announced that it acquired a multi-tenant industrial building in the Atlanta suburb of Peachtree City, Georgia for $19.4 million. The acquisition, which is projected to provide an initial yield of 8.4%, was funded with cash from the Company’s September equity offering and borrowings on the Company’s credit facility.
Located on Highway 74 in the Fayette/Coweta Industrial submarket south of the Atlanta International Airport, the 295,693-square-foot industrial building is 100% leased to 15 tenants, with a weighted average lease term of approximately five years. The property has ready access to the major highways in Atlanta, including I-85 and Highway 54. Its top three tenants account for 55% of the square footage. These tenants include Metal Tech – USA, a specialty fabricator and distributor of architectural systems and high-end metals; Gerresheimer, a specialty glass and products manufacturer to the pharmaceutical and healthcare industries; and M-OK Freight Corp., a freight services company specializing in warehousing and distribution services.
Pendleton White, Jr., President and Chief Investment Officer, noted, “The strong fundamentals of this market and the ability to acquire a well-tenanted property at an attractive initial yield presented a very compelling off-market opportunity to grow our presence in Atlanta. Peachtree City is an upscale community with limited industrial zoning, and for the last several years this submarket has experienced positive absorption, elevated leasing velocity and strong rent growth.”
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.
This press release includes “forward-looking statements” that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statement, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.