Plymouth MIR JV, a joint venture between affiliates of Plymouth Industrial REIT and Madison International Realty, has closed on a portfolio of infill industrial buildings in metropolitan Memphis for $86 million.
The portfolio comprises 28 industrial buildings located in Memphis and Olive Branch, Miss., totaling 2.3 million square feet. The buildings are 96 percent leased to 53 tenants. The largest tenants in the portfolio, which account for approximately 40 percent of the total square footage, are Visible Supply Chain Management, DMC Power, PODS Enterprise, Paramount Restyling Automotive, Newacme and Performance Food Group.
Pen White, president and CIO of Plymouth, noted, “The unique composition of this portfolio — and its close proximity to Memphis International Airport, the FedEx World Hub and the BNSF Railway complex — offers a compelling opportunity to drive value. We anticipate creating value through new and renewal leasing and through an extension of a loca
