BOSTON--(BUSINESS WIRE)--Plymouth Industrial REIT, Inc. (NYSE American: PLYM) announced that it acquired a multi-tenant industrial building in the Atlanta suburb of Peachtree City, Georgia for $19.4 million. The acquisition, which is projected to provide an initial yield of 8.4%, was funded with cash from the Company’s September equity offering and borrowings on the Company’s credit facility.

Located on Highway 74 in the Fayette/Coweta Industrial submarket south of the Atlanta International Airport, the 295,693-square-foot industrial building is 100% leased to 15 tenants, with a weighted average lease term of approximately five years. The property has ready access to the major highways in Atlanta, including I-85 and Highway 54. Its top three tenants account for 55% of the square footage. These tenants include Metal Tech – USA, a specialty fabricator and distributor of architectural systems and high-end metals; Gerresheimer, a specialty glass and products manufacturer to the pharmaceutical and healthcare industries; and M-OK Freight Corp., a freight services company specializing in warehousing and distribution services.

Pendleton White, Jr., President and Chief Investment Officer, noted, “The strong fundamentals of this market and the ability to acquire a well-tenanted property at an attractive initial yield presented a very compelling off-market opportunity to grow our presence in Atlanta. Peachtree City is an upscale community with limited industrial zoning, and for the last several years this submarket has experienced positive absorption, elevated leasing velocity and strong rent growth.”

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.