Plymouth Industrial REIT (PLYM), announced it has acquired the second tranche of the previously announced Cincinnati small bay industrial portfolio consisting of four buildings totaling 240,578 square feet for $17.9 million, representing an initial estimated net operating income, NOI, yield of 7.0%. The portfolio is 100% leased to ten tenants, with a weighted average remaining lease term of 3.5 years. The Company also acquired a 263,000-square-foot warehouse facility in Cincinnati for $23.3 million, equating to an initial estimated NOI yield of 6.7%. The facility is 100% leased to a single tenant with a remaining lease term of 6.6 years and annual rent increases of 3.25%.
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