Plymouth Industrial REIT pays $17.1m for Indianapolis shed
Plymouth Industrial REIT has closed on the acquisition of a multi-tenant Class B industrial building in Indianapolis, Indiana. The firm paid $17.1 million, or just over $35 per sqf for the 484,879 sqf industrial building on Sam Jones Expressway. Currently 100 percent leased, the facility serves as the national headquarters for Phoenix Material Management, a provider of container management solutions to manufacturers and distributors, and California-based Quemetco Inc., a subsidiary of RSR Corporation that recycles lead-based batteries. The purchase, which is projected to provide an initial yield of 7.7 percent, was funded with borrowings on the company’s credit facility and proceeds from its May 2019 equity offering.
Pendleton White, Jr., President and Chief Investment Officer Plymouth Industrial REIT, noted, “We are extending our presence in the Indianapolis market with an opportunity that offers strong initial cash flows, lease terms of over four years with two strong tenants, and a lower capital expenditure investment. The Southwest submarket is the largest industrial base of any in Indianapolis and has the highest net absorption.”