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Plymouth Industrial REIT to acquire 20-building portfolio in Florida for $97.1M.

Plymouth Industrial REIT announced it has signed a definitive agreement to acquire a 20-building, 1.1M-square-foot light industrial and flex portfolio in Jacksonville, Florida for $97.1M in cash. The acquisition, which is expected to close in mid-December subject to customary closing conditions, is projected to provide an initial yield of 8.4%. Plymouth expects to fund the acquisition with approximately $34M in proceeds from a recently announced strategic investment from an affiliate of Madison International Realty and approximately $63M in short-term borrowings from KeyBank. The portfolio consists of three business parks totaling 20 buildings and 1,133,516 square feet of institutional quality light industrial and flex assets. The buildings are in close proximity to one another in the southside submarket of Jacksonville. The properties are currently 96% leased to 40 tenants. The portfolio has a weighted average lease term of over three years remaining and contains national and regional tenants.

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Publication:The Fly
Date:Nov 27, 2018
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