BOSTON--(BUSINESS WIRE)--Plymouth Industrial REIT, Inc. (NYSE American: PLYM) continued its growth in select industrial markets in Georgia with the acquisition of a five-building, 924,036-square-foot industrial portfolio in Atlanta and Savannah for $34.7 million. The acquisition, which is projected to provide an initial yield of 7.6%, was funded with borrowings under the Company’s credit facilities.

Fully leased to four tenants with weighted average lease terms of approximately seven years, the portfolio is comprised of two buildings in the Northwest and I-20 East submarkets of Atlanta and three buildings in Savannah. The acquisition also includes approximately 39 acres of developable land in Atlanta.

Pendleton White, Jr., President and Chief Investment Officer, noted, “Extending our presence in Atlanta and finding the right entry point to the Savannah market have been priorities for us. Atlanta’s airport and Savannah’s port are two of the biggest contributors to economic growth in both submarkets. Strong rent growth, historically low vacancy rates in these submarkets, an established tenancy and the ability to create future value with tenant renewals were also key factors in our underwriting.”

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.