Plymouth Industrial REIT (PLYM) announced the acquisition of a 1.95M square-foot portfolio of industrial properties located across Columbus, Cincinnati, and Cleveland, Ohio for a total purchase price of $193M. The 21-building portfolio comprises functional industrial assets with infill locations and physical features including high clear heights, truck loading, updated lighting, and modern office finishes. The portfolio is currently 97% leased to 75 tenants with a weighted average remaining lease term of 2.47 years. In-place rents are approximately 22% below current market rates. The purchase price reflects a 25%-plus discount to today’s replacement cost.
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