Plymouth Industrial REIT (PLYM) announced the sale of a 33,688-square-foot flex building in Memphis, TN to an end user at a price of $2.4 million. The building was part of a portfolio Plymouth acquired in July 2024 for $100.5 million. At the time of acquisition, Plymouth targeted this building for divesture as it represented a non-core asset leased on a short-term basis to a tenant known to be vacating at its scheduled lease expiration in December 2024. The sale proceeds will be retained within the portfolio to fund leasing activities and the ongoing conversion of a 100,000-square-foot call center building back to its original warehouse format to accommodate multiple industrial users.
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