Plymouth Industrial Scores 2 Indianapolis Properties
- Aug 01, 2017
Plymouth Industrial REIT Inc. completed an agreement to acquire two Class B industrial assets in Indianapolis for $16.9 million, bringing the company’s acquisition volume since its June IPO to a total of $54.4 million.
The purchase includes $8.5 million in cash and the issuance of Plymouth Operating Partnership units valued at $8.4 million. The properties are projected to provide an 8.5 percent initial yield.
Located within Shadeland Interstate 70 Business Park, the two properties comprise a total of 606,871 square feet of space. Pratt Visual Solutions and MicroMetl, the two largest tenants out of a roster of five, are occupying 89 percent of the buildings. The overall occupancy rate of the two properties is 94 percent. The business park is in close proximity to the major interchange of interstates 70 and 495.
“Indianapolis is an important distribution hub, and the East submarket has one of the lowest vacancy rates in the region,” said Jeff Witherell, chairman & CEO of Plymouth, in prepared remarks. “With their strong tenancy and excellent location, these buildings will be a great addition to our growing presence in Indiana. The ability to utilize our OP units in this transaction provides additional capital to execute our acquisition strategy.”
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