Plymouth Industrial REIT has signed a definitive agreement to acquire a portfolio of industrial buildings in Akron and Canton, Ohio, totaling 2.1 million square feet for approximately $94 million.
The portfolio is comprised of 10 class B industrial buildings that are 98.7 percent leased to 16 tenants from a variety of industries, including transportation and logistics, healthcare, industrial manufacturing, and food and beverage. The acquisition is expected to bring Plymouth’s scale in the Cleveland metropolitan area to more than 3.5 million square feet and increase the size of its Ohio portfolio to over 7 million square feet.
Pendleton White Jr., president and CIO, noted, “We are experiencing strong performance from our properties in Cincinnati, Columbus and Cleveland as industrial tenants are tied closely to the labor available in these markets. This portfolio’s location in greater Cleveland, which continues to have positive net absorption and low vacancy, will
