Plymouth Industrial REIT, Inc. has announced the acquisition of a 1.95-million-square-foot portfolio of industrial properties across Ohio for $193 million. The portfolio spans key markets including Columbus, Cincinnati, and Cleveland.
Consisting of 21 buildings, the portfolio features highly functional industrial assets in strong infill locations. These properties are noted for their desirable physical characteristics, such as high clear heights, ample truck loading capacity, updated lighting systems, and modern office finishes.
Currently, the portfolio is 97% leased to 75 tenants, with a weighted average remaining lease term of 2.47 years. In-place rents are approximately 22% below prevailing market rates, representing an opportunity for income growth. The acquisition price reflects a discount of more than 25% compared to current replacement costs.
With this purchase, Plymouth now owns over 12 million square feet of industrial space in Ohio. Company President and CFO Anthony Saladino commented, “By adding scale in our core markets and leveraging our vertically integrated platform, we believe we are well-positioned to drive long-term value creation and deliver strong leasing outcomes across the portfolio.”
