Boston-based Plymouth Industrial REIT Inc. has acquired 10 industrial buildings totaling 2.1 million square feet in Indianapolis, Indiana for $62 million.
Shadeland Commerce Center is comprised of nine buildings totaling approximately 1.7 million square feet and 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. Additionally, further north near the Indianapolis International Airport, Plymouth acquired 7901 West 21st Street, a 353,000-square-foot building 100% leased to two tenants, Iron Mountain and Venture Logistics.
Pendleton White, Jr., President and Chief Investment Officer, noted, “Indianapolis is an important, thriving market for us, and this acquisition will help us achieve significant scale by bringing our presence to over three 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.”
Plymouth Industrial REIT, Inc. is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States.