Plymouth Industrial REIT (PLYM) said Friday it has expanded its asset pool in Cincinnati, Ohio with the acquisition of a portfolio of primarily small bay industrial properties for $20.1 million.
The acquisition is expected to generate an initial net operating income yield of 6.8%, the company said. It comprises nine buildings, which are currently 96.9% leased to 23 tenants with a weighted average lease term of about 2.75 years.
Plymouth also said it has contracted a second tranche of the portfolio in Cincinnati consisting of four buildings for $17.9 million, with closing anticipated in Q1 2025 and initial NOI yield at 7.3%.
The acquisition boosts Plymouth's presence in the Cincinnati market to more than 3 million square feet, it said.
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