BOSTON–(BUSINESS WIRE)–Plymouth Industrial REIT, Inc. (NYSE American: PLYM) announced that it
completed the previously announced acquisition of a multi-tenant Class B
industrial building in Indianapolis, Indiana. The acquisition, which is
projected to provide an initial yield of 7.7%, was funded with
borrowings on the Company’s credit facility and proceeds from its May
2019 equity offering.
The 484,879-square-foot industrial building on Sam Jones Expressway is
100% leased and located in the Southwest submarket in close proximity to
the Indianapolis International Airport. The property serves as the
national headquarters for Phoenix Material Management, a provider of
container management solutions to manufacturers and distributors, and
includes California-based Quemetco Inc. as a tenant, a subsidiary of RSR
Corporation that recycles lead-based batteries.
Pendleton White, Jr., President and Chief Investment Officer, noted, “We
are extending our presence in the Indianapolis market with an
opportunity that offers strong initial cash flows, lease terms of over
four years with two strong tenants, and a lower capital expenditure
investment. The Southwest submarket is the largest industrial base of
any in Indianapolis and has the highest net absorption.”
About Plymouth
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.
Forward-Looking Statements
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.
Contacts
Tripp Sullivan
SCR Partners
(615) 760-1104
[email protected]
