Plymouth Industrial REIT Expands Portfolio With $65.1M In Acquisitions

Plymouth Industrial REIT

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(RTTNews) - Plymouth Industrial REIT, Inc. (PLYM) Thursday has acquired 801,161 square feet of industrial properties across Cincinnati, Ohio, and Atlanta, Georgia, for $65.1 million, with an initial NOI yield of 6.8 percent.

In Cincinnati, the company completed the second tranche of a four-building, 240,578-square-foot small bay industrial portfolio for $17.9 million at a 7.0 percent NOI yield. Additionally, it acquired a 263,000-square-foot warehouse for $23.3 million, yielding 6.7 percent, leased to a single tenant with a 6.6-year lease.

In Atlanta, Plymouth purchased Madison International's 98 percent joint venture interest in a 297,583-square-foot warehouse for $23.9 million, with a 6.8 percent NOI yield. The building is fully leased with a three-year remaining term.

CEO Jeff Witherell emphasized that these acquisitions strengthen Plymouth's presence in key markets, providing stable cash flow and long-term value while expanding the portfolio at below replacement cost.

PLYM is currently trading at $17.35 or 0.69% lower on the NYSE.