Plymouth Expands Cincinnati Footprint with $20.1M Purchase

Plymouth Industrial REIT, Inc., a prominent real estate investment trust, has announced its acquisition of a small bay industrial property portfolio in Cincinnati, Ohio for an amount of $20.1 million. The portfolio comprises nine buildings with a combined area of 258,082 square feet, currently 96.9% leased to 23 tenants, achieving an initial NOI yield of 6.8%. The company also has a second tranche under contract for $17.9 million with a 7.3% yield, expected to close in early 2025 pending standard conditions. This expansion is part of Plymouth's strategic plan to enhance its Cincinnati market presence, leveraging the acquisition to capitalize on below-market rents and improve returns through leasing and asset management initiatives. The announcement includes a message from CEO Jeff Witherell, outlining the organization's broader investment pipeline and operational strategies. Forward-looking statements warn of risks that could alter projected outcomes.