Plymouth Industrial REIT Acquires 3 MSF Industrial Portfolio in Chicago for $99.7M

CHICAGO — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired a 15-building, 3 million-square-foot industrial portfolio in the Chicago area for $99.7 million. The Class B portfolio consists of 10 single-tenant buildings spanning approximately 2 million square feet and five multi-tenant buildings totaling approximately 1 million square feet. The buildings are collectively 96 percent leased to various manufacturing and distribution tenants. The portfolio has a weighted average lease term of 4.1 years remaining, with an average of less than 14 percent of the leases expiring each year during the next five years. BIGS Holdings LLC, a subsidiary of Goldman Sachs, sold the portfolio. The purchase price includes $19.9 million in cash and a $79.8 million loan from an affiliate of the seller. The acquisition is projected to provide an initial yield of 8.1 percent.