Plymouth Industrial REIT, Inc., a Boston-based real estate investment trust, has recently sold its 306,552-square-foot industrial building in Chicago for $19.9 million to an undisclosed owner-user. The sale of the property located at 6510 West 73rd Street was completed with net proceeds of $13.9 million after paying off a mortgage and other adjustments.
The company plans to use the proceeds from this sale towards reducing outstanding borrowings on their credit facility and funding their development program. This transaction marks another successful deal for Plymouth as they continue to strategically manage their portfolio.
According to CEO and Co-Founder Jeff Witherell, this sale aligns with the company’s goals while also generating a strong return on investment over a six-year hold period. In addition, Plymouth is currently considering another potential sale in Chicagoland that could bring in approximately $17 million.
Overall, this recent transaction showcases Plymouth’s expertise in managing commercial properties and making strategic decisions that benefit both investors and shareholders alike.
