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Plymouth REIT Expands Indianapolis Footprint
Plymouth Industrial REIT bulked up its Indianapolis presence, acquiring 10 industrial buildings totaling 2.1 million square feet, for $62 million. The REIT didn’t specify the seller, identified in regulatory filings as First Industrial L.P.
Nine of those buildings, and 1.7 million square feet of the portfolio, are contained in Shadeland Commerce Center, 95% leased to 26 tenants and across the street from two other Plymouth-owned properties.
Additionally, farther north near Indianapolis International Airport, Plymouth acquired 7901 W. 21st St., a 353,000-square-foot building 100% leased to Iron Mountain and Venture Logistics.
“Indianapolis is an important, thriving market for us, and this acquisition will help us achieve significant scale by bringing our presence to over three million square feet,” said Pendleton White Jr., Plymouth’s president and CIO. “With 27 consecutive quarters of positive net absorption, the market fundamentals remain strong with limited supply of existing industrial properties.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
