BOSTON--(BUSINESS WIRE)--Plymouth Industrial REIT, Inc. (NYSE American: PLYM) announced that on December 20, 2017 it acquired 440 McLean Boulevard in the Chicago Northwest submarket of Elgin, Illinois for $4.1 million in cash. The acquisition is projected to provide an initial yield of 9.7%.

The 75,000-square-foot light manufacturing building is leased to Burndy Engineering, a manufacturer of equipment for the natural gas industry and a subsidiary of NYSE-listed Hubbell Corporation. With this acquisition, Plymouth now owns a total of 22 industrial buildings in the Chicago area totaling approximately 3.7 million square feet.

Pendleton White, Jr., President and Chief Investment Officer of Plymouth Industrial REIT, noted, “We continue to grow and diversify our presence in Chicago in strong submarkets. Burndy has a long and successful history at 440 McLean Boulevard. Situated in an infill market and a much-preferred location for tenants with one of the best manufacturing labor forces in the greater Chicago area, this building is a great fit for our strategic expansion in Chicago.”

About Plymouth

Plymouth Industrial REIT, Inc. is a full service real estate investment company structured as a vertically integrated, self-administered and self-managed real estate investment trust focused on the acquisition, ownership and management of single and multi-tenant industrial properties, including distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the United States. The Company seeks to acquire properties that provide current operating income with the opportunity to enhance shareholder value through property re-positioning, capital improvements and restructuring tenant leases.