BOSTON--(BUSINESS WIRE)--Plymouth Industrial REIT, Inc. (NYSE American: PLYM) today announced it has acquired a 132,000-square-foot industrial building in Memphis, Tennessee for $3.7 million in cash.
Located in the Memphis Southeast submarket, 3635 Knight Road is 100% leased to Terminix International Company, one of the largest pest control companies in the world, and to Commercial Warehouse and Cartage, a third-party logistics firm. The property is projected to provide an initial yield of 8.6%.
Jeff Witherell, Chairman and Chief Executive Officer of Plymouth Industrial REIT, noted, “We are pleased to continue growing our presence in Memphis with its strong market dynamics, access to major distribution networks and positive net absorption. With rental rates at 3635 Knight Road below the current market, and its strong location and functionality, we are confident we can create additional value at this property.”
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.