Plymouth Industrial Sheds $100M on Chicago-Area Assets

The 15-property portfolio comprises a total of three million square feet of Class B warehouse space. The seller is BIGS Holdings, a subsidiary of Goldman Sachs.

By Roxana Baiceanu

Plymouth Industrial REIT Inc. has completed the acquisition of 15 industrial properties located in the Chicago area. The company paid BIGS Holdings, a subsidiary of Goldman Sachs, $99.8 million in exchange for the assets, which total three million square feet. Plymouth paid $20 million in cash, while a two-year, secured-term loan obtained from an affiliate of the seller covered the rest—$79.8 million.

Out of the 15 Class B properties in the portfolio, 10 are single-tenant—totaling approximately two million square feet—and five are multi-tenant buildings. The assets are 96 percent leased to a mix of manufacturing and distribution firms that made capital investments in the facilities. Several leases are long term.  

Plymouth’s Chairman & CEO Jeff Witherell said in a prepared statement that the REIT now owns 21 properties totaling more than 3.5 million square feet in the Chicago metropolitan area. Their occupancy level averages 95 percent. In August, the REIT acquired two Indianapolis warehouses totaling more than 600 square feet of space in a transaction that closed at $16.9 million.