Plymouth Announces Strategic Acquisition of a 1.95-million-square-foot Ohio Industrial Portfolio

Core Insights - Plymouth Industrial REIT, Inc. has acquired a 1.95-million-square-foot portfolio of industrial properties in Ohio for $193.0 million, enhancing its regional presence and aligning with its growth strategy [1][3] Acquisition Details - The portfolio consists of 21 buildings with strong infill locations and desirable features such as high clear heights and modern office finishes [2] - The properties are currently 97% leased to 75 tenants, with a weighted average remaining lease term of 2.47 years [2] - In-place rents are approximately 22% below current market rates, indicating significant upside potential upon lease rollover [2] - The purchase price reflects a discount of over 25% compared to today's replacement cost [2] Strategic Implications - With this acquisition, the company now owns over 12 million square feet of industrial space in Ohio, further solidifying its market position [3] - The portfolio will be managed from the company's Columbus office, which is staffed by a team of nine experienced property management professionals [3] - The acquisition is part of the company's strategy to acquire well-located, income-generating industrial assets with embedded growth potential [3][4] Management Commentary - The President and CFO of Plymouth Industrial REIT emphasized the transaction as a reflection of the company's success in deploying strategic capital into high-quality industrial real estate [4] - The company aims to leverage its vertically integrated platform to drive long-term value creation and achieve strong leasing outcomes across the portfolio [4]