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Plymouth Industrial REIT Inc. completed its previously announced acquisitions of industrial buildings in Chicago, Columbus, Cincinnati and Memphis, totaling 2.2 million square feet, for $90.5 million. The acquisitions were funded with proceeds from the company’s May equity offering, borrowings on its expanded credit facility and the assumption of existing mortgage loans.

Boston-based Plymouth considers these cities to be top distribution hubs and industrial markets with access to large-highly skilled labor pools. The strategic acquisitions possess favorable rent growth dynamics, strong occupancy and stable cash flows.

On Aug. 29, Plymouth purchased a seven-building Class B industrial portfolio in Chicago, totaling 1,071,129 square feet for $32.25 million in cash. The acquisition is projected to provide an initial yield of 8.85 percent. The portfolio is 97 percent leased and consists of 15 tenants in seven buildings ranging from 52,000 square feet to 455,000 square feet.

All of the properties are located within the 82 million-square-foot South Cook County submarket, within infill locations along the I-55, I-294 and I-80 corridors. The portfolio is anchored by four tenants — Ply Gem Building Products, A-Reliable Auto Parts & Wreckers, Pactiv and Aryzta — that represent half of the total square footage. The weighted average lease term for the portfolio is approximately 8.6 years.

On Aug. 30, Plymouth purchased a six-building light industrial and flex portfolio in Cincinnati and Columbus for $36.2 million. The acquisition, which is projected to provide an initial yield of 8.3 percent, was funded with $14,877,000 in cash and the assumption of a $21,323,000 mortgage loan.

The two Columbus properties, located on Orange Point Drive and Graphics Way, are 100 percent occupied and total 217,289 square feet. The combined portfolio is comprised of major tenants such as Safelite Auto, Pilot Chemical, Modern Office Methods and Ohio National Life Insurance. The average historical occupancy across the portfolio is over eight years.

The properties in Cincinnati consist of four buildings totaling 374,376 square feet. They are located within the Blue Ash, Tri-County and Fairfield submarkets.

On Aug. 29, 2019, Plymouth purchased two industrial buildings in Memphis, totaling 566,281 square feet for $22.05 million. The acquisition, which is projected to provide an initial yield of 8.1 percent, was funded with $12.55 million in cash and the assumption of a $9.5 million mortgage loan.