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Chicago & Midwest  + Greater Chicagoland  + Industrial  |  April 12, 2018
Paul Bubny
By: Paul Bubny

Boston-based REIT Adds Two Suburban Industrial Assets

Plymouth Industrial REIT, headquartered in Boston, has acquired two single-tenant class B Chicagoland industrial buildings totaling 270,000 square feet for $15.675 million in cash. The sellers were not disclosed.

Larger of the two properties is the 236,736-square-foot 1600 Fleetwood Dr. in Elgin, IL, 100% leased to Stamar Packaging until April 2027. Three West College Drive in Arlington Heights, IL is 100% leased to Arrow Up, a provider of containerized bins used by the oil fracking industry, until April 2022.

“With both tenants headquartered in the greater Chicago area, we consider these buildings to be more mission critical in nature,” said Pendleton White Jr., Plymouth’s president and CIO. “The remaining lease terms provide stable cash flows with the ability to create value through annual rent increases or potential expansion in markets that have historically been targeted for ‘last-mile’ use, or benefited from low vacancy and strong space absorption.”


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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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