Plymouth Industrial Buys Majority Stake In Plymouth MIR JV For $102.6 Mln

(RTTNews) - Real estate investment firm, Plymouth Industrial REIT, Inc. (PLYM), said on Tuesday that it has acquired Madison International Realty's 80 percent shares in Plymouth MIR JV LLC, for a total consideration of $102.6 million.

The transaction includes $46.6 million in cash and closing costs, in addition to the assumption of $56 million in secured debt, which includes Plymouth's previous pro-rata share of a fixed-rate mortgage maturing in 2027 in the amount of $11.2 million.

The transaction is expected to provide a forward one year yield of 6.6 percent on the total consideration.

Formed in 2020, Plymouth MIR is a joint venture focused to acquire a portfolio of industrial buildings in metropolitan Memphis, Tennessee. The portfolio is comprised of 28 industrial buildings located in Memphis and Olive Branch, Mississippi totaling 2.3 million square feet, bringing Plymouth's total footprint in Memphis to 4.7 million square feet.