Plymouth's Strategic Bet: Acquires Ohio Industrial Portfolio for $193M

Plymouth Industrial REIT, Inc. has strategically acquired a 1.95-million-square-foot industrial portfolio in Ohio, focusing on Columbus, Cincinnati, and Cleveland. The portfolio, purchased for $193 million, encapsulates 21 industrial buildings with high functionality and desirable locations. These properties are 97% leased to 75 tenants, offering Plymouth an opportunity to capitalize on lease rollovers given that current rents sit approximately 22% below market rates. Anthony Saladino, Plymouth's President and CFO, emphasizes the acquisition's alignment with the company's strategy of enhancing regional presence and driving long-term value through embedded growth potential. This significant investment underlines Plymouth's commitment to expanding its industrial holdings in core markets, leveraging both operational scale and integrated management to optimize outcomes.