Plymouth Industrial REIT Sells Chicago Industrial Building for $19.9 Million
News provided byPlymouth Industrial REIT Inc.
Sep 18, 2023, 7:00 AM ET
BOSTON, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) sold its 306,552-square-foot industrial building at 6510 West 73rd Street in Chicago for $19.9 million to an undisclosed owner-user. Plymouth’s net proceeds after the payoff of a $5.8 million mortgage secured by the property and other adjustments are $13.9 million. The Company intends to use the proceeds to pay down outstanding borrowings on its credit facility and fund its development program.
Jeff Witherell, Chief Executive Officer and Co-Founder of Plymouth, noted, “We have previously identified a handful of properties across our portfolio that are either in one-off markets where we do not have scale, or the building is not a long-term hold. This sale to an owner-user fits this description perfectly while yielding a 4.9% cap rate on in-place NOI and an IRR of 31.1% over a six-year hold period. We expect to complete at least one additional disposition by year end that could sell for approximately $17 million.”
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.
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