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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.
- ◦Sale/Acquisition
