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Plymouth Industrial REIT has paid $193 million for a nearly 2 million-square-foot industrial collection spread throughout Ohio. The portfolio traded for roughly 25 percent below replacement cost.

The 21 buildings are in Cincinnati, Columbus and Cleveland, Ohio. The infill facilities have a mix of functional features, including elevated clear heights, sizable truck courts and revamped lighting systems and updated office finishes.

Plymouth sought to make a value-add play with this acquisition. The properties were 97 percent leased at closing, with 75 tenants in total. Rents were 22 percent under current market rates and the weighted average remaining lease term stood at 2.47 years.