Plymouth Industrial REIT invests to Madison
Madison International Realty Holding has invested $75 million in Plymouth Industrial REIT Inc. Sandler O’Neill+ Partners advised Plymouth has acquired a 20-building, 1.1 million-square-foot light industrial and flex portfolio in Jacksonville, Florida for $97.1 million. Plymouth on the investment.
The investment was completed on December 14 coterminously with the closing of the previously announced acquisition of a 20 building, 1.1 million-square-foot light industrial and flex portfolio in Jacksonville, Florida for $97.1 million.
The portfolio consists of three business parks totaling 20 buildings and 1,133,516 square feet of institutional quality light industrial and flex assets. The buildings are in close proximity to one another in the highly desirable Southside submarket of Jacksonville, centered by the intersection of Interstate 95 and J. Turner Butler Boulevard. The properties are currently 96% leased to 40 tenants. The portfolio has a weighted average lease term of over three years remaining and contains national and regional tenants.
Proceeds from the investment were used to fund the repayment of a $31.2 million term loan with KeyBank that was to mature in August 2021; deploy $34.0 million to partially fund the Jacksonville acquisition; fund a $5.0 million stock repurchase program authorized by the Board; and for working capital and other corporate expenses, including closing costs.
Source: PR News Wire
Fulya Altunyay / [email protected]