BOSTON--(BUSINESS WIRE)--Plymouth Industrial REIT, Inc. (NYSE American: PLYM) today announced that it has completed the sale of 525 West Marquette in Milwaukee, Wisconsin, for $5.3 million. Plymouth expects to report a one-time gain of approximately $630,000 on the sale in the fourth quarter of 2018. Other terms of the transaction were not disclosed.

Proceeds from the sale were used to pay down $3.4 million of debt on the Company’s $78 million loan with Transamerica Life Insurance Company and for general corporate purposes. The 112,144-square-foot industrial building was purchased for $3,783,000 as part of a 3 million-square-foot industrial portfolio the Company acquired in December 2017, with properties located mostly in the Chicago area.

“We believe this sale provides us the opportunity to realize an above-average profit within a relatively short time frame,” said Plymouth President and Chief Investment Officer Pendleton White. “There are times when properties in our portfolio may be more valuable to someone else than to ourselves. This was one of those times.”

About Plymouth

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. The Company seeks to acquire properties that provide income and growth that enable the Company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment.