In August, Plymouth Industrial REIT reported that Spartan Logistics had signed a new lease for 257,962 square feet at 3100 Creekside in Columbus, OH.
BOSTON—Locally-based Plymouth Industrial REIT, Inc. has acquired 10 industrial buildings totaling 2.1 million square feet in Indianapolis, IN or $62 million.
The deal involves the purchase of the nine-building Shadeland Commerce Center that totals approximately 1.7 million square feet, as well as 7901 West 21st St., a 353,000-square-foot building 100% leased to two tenants—Iron Mountain and Venture Logistics.
The Shadeland Commerce Center is is 95% leased to 26 tenants, including Penske, ABC Supply Company, PPG Industries and Ryder. The property is located across the street from two other Plymouth-owned properties at the Shadeland I-70 Business Park.
Pendleton White, Jr., president and chief investment officer of Plymouth Industrial REIT states, "Indianapolis is an important, thriving market for us, and this acquisition will help us achieve significant scale by bringing our presence to over 3 million square feet. With 27 consecutive quarters of positive net absorption, the market fundamentals remain strong with limited supply of existing industrial properties. Further, we expect to drive rental rate increases in the future."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
