Plymouth Industrial REIT, Inc. Adds to Growing Chicago Presence with Acquisition of Single-Tenant Light Manufacturing Building for $4.1 Million
January 04, 2018 at 05:00 pm IST
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Plymouth Industrial REIT, Inc. announced that on December 20, 2017 it acquired 440 McLean Boulevard in the Chicago Northwest submarket of Elgin, Illinois for $4.1 million in cash. The acquisition is projected to provide an initial yield of 9.7%. The 75,000-square-foot light manufacturing building is leased to Burndy Engineering, a manufacturer of equipment for the natural gas industry and a subsidiary of Hubbell Corporation. With this acquisition, Plymouth now owns a total of 22 industrial buildings in the Chicago area totaling approximately 3.7 million square feet.
Plymouth Industrial REIT, Inc. is a full service, vertically integrated, self-administered and self-managed real estate investment trust. The Company is focused on the acquisition, ownership, management, redevelopment and development of single and multi-tenant industrial properties, including distribution centers, warehouses, light industrial and small bay industrial properties, located in primary and secondary markets, as well as select sub-markets in United States. Its portfolio consists of approximately 156 industrial properties comprising over 211 buildings located in 12 states, with an aggregate of approximately 34.0 million rentable square feet. It owns substantially all of its assets and conducts substantially all of its business through Plymouth Industrial OP, LP (the Operating Partnership). Its portfolio consists of holdings in various markets: Chicago, Cleveland, Memphis, Jacksonville, St. Louis, Indianapolis, Columbus, Cincinnati, Atlanta, Boston, Charlotte, and Kansas City.
PLYMOUTH INDUSTRIAL REIT, INC. 
