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Jax Daily Record Monday, Dec. 17, 201811:43 AM EST

Plymouth Industrial REIT closes on $97.1 million Southside deal

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Company purchased a 20-building, 1.1 million-square-foot light industrial and flex portfolio.

Boston-based Plymouth Industrial REIT Inc. said Monday that it closed Friday on the purchase of a 20-building, 1.1 million-square-foot light industrial and flex portfolio in South Jacksonville.

Plymouth said it paid $97.1 million for the properties, at Interstate 95 and Butler Boulevard. The deal was funded in part through a deal with Madison International Realty Holdings LLC, a real estate liquidity company.

Madison invested $75 million in Plymouth, of which $32 million was used to purchase the real estate portfolio. Plymouth also financed $63 million with KeyBank.

Plymouth is using the balance of the Madison investment to pay down other debt and fund a stock repurchase plan.

The properties are 96 percent leased, with tenants including Comcast, Veritiv, Cintas, Staples, Cardinal Health, The Home Depot and Johnson Controls.

Madison International Realty has offices in New York, London and Frankfurt.

 

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