Plymouth Industrial Completes Acquisition of Eight-Building Industrial Portfolio in Memphis for $7.8 Million

8/17/17

BOSTON--(BUSINESS WIRE)--Plymouth Industrial REIT, Inc. (NYSE American: PLYM) today announced it has completed the previously announced acquisition of the eight-building Airport Business Park in Memphis, Tennessee for $7.8 million in cash. The acquisition was funded with borrowings on the Company’s new $35 million senior secured revolving credit facility.

The Memphis portfolio is located near FedEx’s Global Superhub, UPS’ second largest U.S. facility and Burlington Northern’s $200 million expanded intermodal yard. It consists of eight buildings comprising 235,006 square feet and two land parcels comprising 3.2 acres. The portfolio is a mix of warehouse/flex/office buildings and is currently 50.3% occupied. Tenants include the Federal Aviation Administration (FAA), Xerox/Conduent, FedEx and the General Services Administration (GSA). The portfolio is expected to generate a yield of 10.5% on in-place leases.

About Plymouth

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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