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Highlights:

  • PLYM acquires 1.95M sq ft Ohio industrial portfolio for USD 193M across Columbus, Cincinnati, and Cleveland.
  • Plymouth’s in-place rents are ~22% below market, offering potential upside on lease rollover.
  • The company expands its Ohio footprint to over 12M sq ft, managed from its Columbus office.

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a vertically integrated real estate investment trust focused on the acquisition, ownership, and management of single and multi-tenant industrial properties across major U.S. logistics markets. The company targets properties that provide functional and cost-efficient space for manufacturing, warehousing, and distribution tenants. Plymouth operates across a growing portfolio of industrial assets, with in-house teams responsible for property management, leasing, and operations 

The company has announced the acquisition of a 21-building industrial property portfolio totalling 1.95 million square feet across Columbus, Cincinnati, and Cleveland, Ohio, for a total purchase price of USD 193.0 million. 

The newly acquired portfolio consists of highly functional industrial properties with features including high clear heights, ample truck loading capacity, updated lighting systems, and modern office spaces. These properties are positioned in established infill locations and are currently 97% leased to 75 tenants, with a weighted average lease term of 2.47 years. Plymouth stated that in-place rents are approximately 22% below prevailing market rates, indicating an opportunity for rent growth as leases roll over in the coming years. 

The purchase was completed at a valuation that reflects a discount of more than 25% to current estimated replacement cost, offering the company an entry point significantly below the cost of developing comparable assets today. 

With this acquisition, Plymouth Industrial REIT's total industrial holdings in Ohio now exceed 12 million square feet, reinforcing the state as a core operational region. The newly acquired properties will be managed from Plymouth’s Columbus office, where the company has a dedicated team of nine property management professionals overseeing the region’s assets. 

The transaction aligns with Plymouth’s investment approach of targeting income-generating industrial assets in supply-constrained submarkets that offer future cash flow growth through lease re-pricing. This portfolio’s characteristics, particularly the below-market rent profile and high occupancy levels, fit within that broader strategy. 

Commenting on the acquisition, Anthony Saladino, President and Chief Financial Officer of Plymouth, noted that the purchase continues the company’s focus on scaling within its core markets and deploying capital into functional real estate assets with embedded operational potential. He also emphasized the benefit of leveraging Plymouth’s vertically integrated platform to support leasing and management efforts for the new properties. 

The acquired buildings are well-positioned to serve a wide variety of industrial users given their layout and accessibility. As tenant leases expire over the next few years, Plymouth expects to realize higher rental income as new leases are signed closer to market rates. This strategy is part of the company’s broader initiative to enhance net operating income through asset-level improvements and active lease management. 

This acquisition follows a series of similar investments Plymouth has made across other logistics and distribution hubs, where the company seeks to gain scale and drive operating efficiencies. The Ohio portfolio further consolidates Plymouth’s presence in key Midwest industrial markets with favorable economic fundamentals and established demand for distribution and warehouse space.