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Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company” or “Plymouth”) today announced the acquisition of a 1.95-million-square-foot portfolio of industrial properties located across Columbus, Cincinnati, and Cleveland, Ohio for a total purchase price of $193.0 million.

The 21-building portfolio comprises highly functional industrial assets with strong infill locations and desirable physical features including high clear heights, ample truck loading, updated lighting, and modern office finishes. The portfolio is currently 97% leased to 75 tenants with a weighted average remaining lease term of 2.47 years. In-place rents are approximately 22% below current market rates, which we believe offers substantial upside potential upon lease rollover. The purchase price reflects a 25%-plus discount to today’s replacement cost.