A portfolio of three single-tenant industrial buildings in Atlanta has been acquired by Plymouth Industrial REIT in a $11.425 million all-cash deal. The purchase encompasses a 198,000 sqf. Building leased to DiversiTech, a 100,000 sqf building occupied by Bio-Lab, and a 32,361 sqf building on Harland Drive that’s used by Clairon Metals Corporation, a leading metal stamping company. The acquisition is projected to provide an initial yield of 8.3 percent.
Pendleton White, Jr., President and Chief Investment Officer Plymouth Industrial REIT, said the price for the portfolio was well-below replacement cost and that its combined weighted average lease term was over four years. “With the I-20 East submarket possessing one of the lowest vacancy rates in Atlanta as well as limited amount of new supply, we are confident these assets will be strong long-term investments,” he said.
