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Chicago & Midwest  + Midwest  + Industrial  |  December 2, 2020
HSA in Big $1.3 Million-sf Wisconsin Warehouse Build, 3 Spec : Warehouses on 82 Acres
Paul Bubny
By: Paul Bubny

Plymouth REIT Doubles Cleveland-Area Footprint

Boston-based Plymouth Industrial REIT has bumped up its Cleveland-area presence, closing on the previously announced acquisition of a portfolio of industrial buildings in Akron and Canton, OH totaling 2.1 million square feet for approximately $94 million. The acquisition is projected to provide an annual current yield of approximately 7.5%.

The portfolio is comprised of 10 industrial buildings that are 98% leased to 15 tenants with a weighted average lease term of 3.5 years from a variety of industries, including transportation and logistics, healthcare, industrial manufacturing and food and beverage. Largest of the properties is the 355,000-square-foot 3400 Gilchrist Rd. in Akron.

The acquisition brings Plymouth’s scale in the Cleveland metropolitan area to 3.6 million square feet and increases the size of its Ohio portfolio to 7.5 million square feet. The company will manage the properties from its Columbus regional office.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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