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Plymouth Industrial REIT completes $97M Jacksonville, Fla., buy

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Salisbury Business Park, Jacksonville, Fla.

Source: Plymouth Industrial REIT Inc.

Plymouth Industrial REIT Inc. said it completed the $97.1 million acquisition of a 20-building portfolio in Jacksonville, Fla., along with the $75.0 million strategic investment by an affiliate of Madison International Realty Holdings LLC.

The company used $34.0 million of the proceeds from the strategic investment and a $63 million short-term loan from KeyBank to fund the acquisition of the 1,133,516-square-foot light industrial and flex portfolio, including the Salisbury Business Park. The loan bears interest at a rate of 100 basis points over the London interbank offered rate. Plymouth plans to refinance the loan in 2019 with secured financing, according to a release.

Plymouth also used the invested funds to repay a $31.2 million term loan from KeyBank maturing in April 2021 and fund a newly approved $5.0 million stock repurchase program, as well as for working capital and other corporate purposes, including closing costs.

Sandler O'Neill + Partners served as an adviser to Plymouth on the strategic investment.