Plymouth Industrial REIT Sells Chicago Building for $20M
Boston-based Plymouth Industrial REIT, Inc. sold its 306,552-square-foot industrial building at 6510 West 73rd Street in Chicago for $19.9 million to an undisclosed owner-user. Net proceeds from the sale of 6510 W. 73rd St. in Bedford Park were $13.9 million after paying off a $5.8 million mortgage secured by the property and other adjustments. Plymouth plans to use the net proceeds from the sale to help pay down outstanding borrowings on its credit facility and fund its development program.
The real estate investment trust closed on the sale of the suburban building it had owned since 2017 and is considering another Chicagoland sale. “This sale to an owner-user fits this description perfectly while yielding a 4.9% cap rate on in-place NOI and an IRR of 31.1% over a six-year hold period,” said CEO and Co-Founder of Plymouth Jeff Witherell. “We expect to complete at least one additional disposition by year-end that could sell for approximately $17 million.”
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.