Plymouth Industrial REIT to Acquire Portfolio in South Jacksonville for $97.1M

JACKSONVILLE, FLA. — Plymouth Industrial REIT Inc. has signed a definitive agreement to acquire a 20-building, 1.1 million-square-foot light industrial and flex portfolio in south Jacksonville for $97.1 million. Plymouth Industrial will fund the acquisition using approximately $63 million in short-term borrowings from KeyBank Real Estate Capital and about $34 million in equity from an affiliate of Madison International Realty Holdings LLC. The acquisition is expected to close in December. The portfolio is currently 96 percent leased to 40 tenants such as Comcast, Veritiv, Cintas, Alstom, Staples, Cardinal Health, The Home Depot, Johnson Controls, Safelite AutoGlass and Shaw. The portfolio has a weighted average lease term of over three years remaining. The seller was undisclosed.