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Plymouth Completes UPREIT Buy in Greater Cincy
Plymouth Industrial REIT has completed its previously-announced acquisition of a 1.1-million-square-foot, Class B industrial property in Fairfield, OH for $24.8 million. It represents Plymouth’s second UPREIT transaction.
The acquisition more than doubles Plymouth’s presence in the Cincinnati market, said Pendleton White, the REIT’s president and CIO. It also “significantly diversifies our tenant base, presents multiple industrial uses, and provides future development potential with over 40 additional acres.”
White added that Fisher Park is rail-served by CSX “and over 400,000 square feet is crane-served as well, making it one of the more unique properties in our portfolio.”
Located on 103 acres, Fisher Park is 92% leased to 12 tenants. Major tenants include Gardens Alive!, a mail-order company; Common Wealth Inc., a logistics services company; and Duefol, an industrial packaging company.
CEO Jeff Witherell said, “We continue to have significant interest from property owners in discussing potential UPREIT transactions with us.”
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- ◦Sale/Acquisition
