Plymouth Industrial REIT Inc. has signed a definitive agreement to purchase a portfolio of industrial properties in Akron and Canton Ohio. For approximately $94 million Plymouth is acquiring 10 Class B industrial buildings covering 2.1 million square feet of space.
The acquisition is set to close by November 30, 2020, and Plymouth projects it will provide an annual current yield of around 7.5%. It will bring Plymouth’s scale in the Cleveland metro area to over 3.5 million square feet and increase the REIT’s Ohio portfolio to over seven million square feet.
The 10 buildings are 98.7% leased to 16 tenants from a variety of industries. Tenants include logistics firms, healthcare companies, and businesses engaged in industrial manufacturing and food and beverage.
“We are experiencing strong performance from our properties in Cincinnati, Columbus and Cleveland as industrial tenants are tied closely to the labor available in these markets,” said Pendleton White, Jr., president and CIO of Plymouth, “This portfolio’s location in greater Cleveland, which continues to have positive net absorption and low vacancy, will provide us immediate scale in two of the tightest markets – Akron and Canton.”