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$103M: Price to Acquire Interest in 28-Property Memphis Industrial Portfolio

A Boston company now owns a footprint of 4.7 million square feet of industrial space in Memphis, TN following its $102.6-million interest acquisition of a collection of 28 buildings totaling 2.3 million square feet.

Plymouth Industrial REIT, Inc., has acquired Madison International Realty’s 80% interest in Plymouth MIR JV LLC, a joint venture formed in December 2020 for the purpose of acquiring a portfolio of industrial buildings in metropolitan Memphis.

The purchase included $46.6 million in cash and closing costs in addition to the assumption of $56.0 million in secured debt, which includes Plymouth’s previous pro-rata share of a fixed-rate mortgage maturing in 2027 in the amount of $11.2 million.

The transaction is expected to provide a forward 12-month yield of 6.6% on the total consideration of $102.6 million.

Since acquiring the buildings, Plymouth has implemented value-added capital improvements funded by the joint venture, enhanced the tenant roster, increased rents and significantly improved the in-place NOI.


Inside The Story

Plymouth Industrial REIT, Inc.

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition