Plymouth Industrial REIT, Inc. (NYSE American: PLYM) announced that it acquired a multi-tenant Class B industrial building in the Chicago area for $5.0 million in cash. The acquisition was funded with borrowings on the Company’s credit facility and is projected to provide an initial yield of 8.9%.

The 73,785-square-foot 44 Tower Road in Burr Ridge, Illinois is leased to World PAC, a leading distributor of automotive parts and a subsidiary of Advance Auto Parts, and Hydra Stop, one of the largest insertion valve and line-stop manufacturers in the world. The property is located in the Southwest Suburbs sub-market and has access to a large labor force in nearby South Cook County.

Pendleton White, Jr., President and Chief Investment Officer, noted, “In markets such as Chicago, we are very focused on selectively extending our presence with well-tenanted properties in strong locations with highly skilled labor, stable cash flows and the ability to create value through leasing. 44 Tower Road fits the bill with two strong tenants and a favorable tax abatement that provides a competitive advantage for future leasing. The Southwest submarket has also experienced more absorption than any other Chicago sub-market, and is very mature with little available land for new development.”

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.