Plymouth Industrial REIT Sells Chicago Industrial Building for $19.9 Million
18 Setembro 2023 - 8:00AM
Plymouth Industrial REIT, Inc. (NYSE: PLYM) sold its
306,552-square-foot industrial building at 6510 West 73rd Street in
Chicago for $19.9 million to an undisclosed owner-user. Plymouth’s
net proceeds after the payoff of a $5.8 million mortgage secured by
the property and other adjustments are $13.9 million. The Company
intends to use the proceeds to pay down outstanding borrowings on
its credit facility and fund its development program.
Jeff Witherell, Chief Executive Officer and
Co-Founder of Plymouth, noted, “We have previously identified a
handful of properties across our portfolio that are either in
one-off markets where we do not have scale, or the building is not
a long-term hold. 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. We expect to complete at
least one additional disposition by year end that could sell for
approximately $17 million.”
About Plymouth
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a
full service, vertically integrated real estate investment company
focused on the acquisition, ownership and management of single and
multi-tenant industrial properties. Our mission is to provide
tenants with cost effective space that is functional, flexible and
safe.
Forward-Looking Statements
This press release includes “forward-looking
statements” that are made pursuant to the safe harbor provisions of
Section 27A of the Securities Act of 1933 and of Section 21E of the
Securities Exchange Act of 1934. The forward-looking statements in
this release do not constitute guarantees of future performance.
Investors are cautioned that statements in this press release,
which are not strictly historical statements, including, without
limitation, statements regarding management's plans, objectives and
strategies, constitute forward-looking statements. Such
forward-looking statements are subject to a number of known and
unknown risks and uncertainties that could cause actual results to
differ materially from those anticipated by the forward-looking
statements, many of which may be beyond our control.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as “may,” “plan,” “seek,”
“will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or
“continue” or the negative thereof or variations thereon or similar
terminology. Any forward-looking information presented herein is
made only as of the date of this press release, and we do not
undertake any obligation to update or revise any forward-looking
information to reflect changes in assumptions, the occurrence of
unanticipated events, or otherwise.
Contact:Tripp SullivanSCR
Partners(615) 942-7077IR@plymouthreit.com
Plymouth Industrial REIT (NYSE:PLYM)
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