Boston-based Plymouth Industrial REIT Inc. has acquired a 400,000-square-foot, multi-tenant Class A industrial building in Cleveland for $27 million in cash.
The 400,000-square-foot 30339 Diamond Parkway in Cleveland, which was funded with borrowings under Plymouth’s secured credit facility, is fully leased to four tenants, including Royal Appliance Manufacturing Co. and Ryder Logistics.
Located in Cleveland’s Southeast market, the acquisition is projected to provide an initial yield of 7.6 percent. Plymouth also announced it is acquiring a 1.1 million-square-foot, multi-tenant Class B industrial property in Cincinnati for total consideration of $24.8 million.
Pendleton White, president and chief investment officer of Plymouth, said in a statement, “Cleveland and Cincinnati are attractive markets for us, and we are excited to increase our presence in each market. In addition to the stabilized income from strong current occupancy, the acquisitions offer opportunities to leverage our leasing expertise on future renewals in tight markets, significantly diversify our tenant base and secure future development potential.”
