Plymouth Announces Strategic Acquisition of a 1.95-million-square-foot Ohio Industrial Portfolio

Rhea-AI Summary

Plymouth Industrial REIT (NYSE: PLYM) has acquired a substantial 1.95-million-square-foot industrial portfolio in Ohio for $193.0 million. The 21-building portfolio, located across Columbus, Cincinnati, and Cleveland, is 97% leased to 75 tenants with a 2.47-year weighted average lease term.

Key features include high clear heights, ample truck loading, updated lighting, and modern office finishes. The purchase price represents a 25%-plus discount to replacement cost, with current rents approximately 22% below market rates. This strategic acquisition expands Plymouth's Ohio presence to over 12 million square feet and will be managed by their Columbus office team.

Positive

• Portfolio acquired at 25%-plus discount to replacement cost
• High occupancy rate of 97% with 75 tenants
• 22% below-market rents offer significant upside potential
• Strategic expansion increasing Ohio footprint to over 12 million square feet
• Existing local management team of nine professionals in Columbus office

Negative

• Short weighted average lease term of 2.47 years
• Large capital deployment of $193.0 million may impact short-term liquidity

Insights

REIT Investment Analyst

Plymouth's $193M Ohio portfolio acquisition offers value at below-replacement cost with 22% rent upside potential and strong operational synergies.

Plymouth Industrial REIT's $193 million acquisition of a 1.95-million-square-foot Ohio industrial portfolio represents a strategically compelling transaction with multiple value drivers. At approximately $99 per square foot, the purchase price reflects a 25%+ discount to replacement cost, providing an attractive entry point with built-in downside protection.

The portfolio metrics are particularly noteworthy. The 97% occupancy rate across 75 tenants demonstrates strong demand fundamentals while providing healthy tenant diversification. The 2.47-year weighted average lease term offers an ideal balance between near-term income stability and medium-term growth opportunities. Most significantly, in-place rents sitting 22% below current market rates creates substantial embedded growth potential that can be captured organically as leases roll over.

This acquisition demonstrates Plymouth's commitment to gaining operational scale in key markets. By expanding their Ohio footprint to over 12 million square feet, the company enhances its ability to leverage fixed costs across a larger asset base. Their existing Columbus office with nine property management professionals provides immediate operational infrastructure to manage these assets efficiently.

The high functionality of these buildings with features like high clear heights, modern office finishes, and ample truck loading positions them well in a market where tenants increasingly prioritize operational efficiency. The acquisition aligns perfectly with Plymouth's core strategy of acquiring functional, infill industrial assets with value-add potential through active asset management.

While capturing the 22% below-market rent opportunity will depend on market conditions over the next 3+ years as leases roll, Plymouth's established local management team and market knowledge provide a competitive advantage in lease negotiations and tenant retention. This transaction demonstrates disciplined capital deployment into assets with both stable current income and meaningful growth potential.

BOSTON, June 23, 2025 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company” or “Plymouth”) today announced the acquisition of a 1.95-million-square-foot portfolio of industrial properties located across Columbus, Cincinnati, and Cleveland, Ohio for a total purchase price of $193.0 million.

The 21-building portfolio comprises highly functional industrial assets with strong infill locations and desirable physical features including high clear heights, ample truck loading, updated lighting, and modern office finishes. The portfolio is currently 97% leased to 75 tenants with a weighted average remaining lease term of 2.47 years. In-place rents are approximately 22% below current market rates, which we believe offers substantial upside potential upon lease rollover. The purchase price reflects a 25%-plus discount to today’s replacement cost.

With this acquisition, Plymouth now owns over 12 million square feet of industrial space in Ohio. The portfolio will be operated from the Company’s Columbus office, which is staffed by a team of nine experienced property management professionals. This acquisition further strengthens Plymouth’s regional footprint and aligns with its strategy of acquiring well-located, income-generating industrial assets with embedded growth potential.  

Anthony Saladino, President and CFO of Plymouth Industrial REIT, noted, “This transaction reflects our continued success in deploying strategic capital into high-quality, functional industrial real estate at compelling economics. By adding scale in our core markets and leveraging our vertically integrated platform, we believe we are well-positioned to drive long-term value creation and deliver strong leasing outcomes across the portfolio.”

About Plymouth
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost-effective space that is functional, flexible and safe.

Forward-Looking Statements 
This press release includes “forward-looking statements” that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, statements regarding NOI yields, as well as statements regarding the timing of the consummation of the transactions, if at all, and the anticipated benefits therefrom, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Contacts:
Plymouth Industrial REIT, Inc.
Ethan Farris
IR@plymouthreit.com

FAQ

How much did Plymouth Industrial REIT (PLYM) pay for the Ohio industrial portfolio?

Plymouth paid $193.0 million for the 1.95-million-square-foot industrial portfolio across Columbus, Cincinnati, and Cleveland, Ohio.

What is the current occupancy rate of PLYM's newly acquired Ohio portfolio?

The portfolio is 97% leased to 75 tenants with a weighted average remaining lease term of 2.47 years.

How does the purchase price compare to replacement cost for PLYM's Ohio acquisition?

The purchase price reflects a 25%-plus discount to current replacement cost.

What is the rental rate potential for PLYM's new Ohio properties?

In-place rents are approximately 22% below current market rates, offering substantial upside potential upon lease rollover.

How many square feet does Plymouth Industrial REIT now own in Ohio after this acquisition?

Following this acquisition, Plymouth now owns over 12 million square feet of industrial space in Ohio.