Plymouth Industrial REIT Executes Value-Add Initiatives in Recently Acquired Memphis Logistics Portfolio

Core Insights - Plymouth Industrial REIT, Inc. has sold a 33,688-square-foot flex building in Memphis, TN for $2.4 million, which was part of a larger portfolio acquired for$100.5 million in July 2024 [1][2] Company Strategy - The building was identified for divestiture as a non-core asset, with a short-term lease to a tenant expected to vacate by December 2024 [2] - Proceeds from the sale will be reinvested into the portfolio to support leasing activities and the conversion of a 100,000-square-foot call center back to a warehouse format for multiple industrial users [2][3] Market Position - Plymouth's CEO highlighted the sale as part of the company's value-add initiatives aimed at aligning the portfolio with market demands and driving growth [3] - The company owns a total of 6.4 million square feet in the Memphis market and is evaluating the development of an additional 106,000-square-foot building on excess land [3] Company Overview - Plymouth Industrial REIT, Inc. is a vertically integrated real estate investment company focused on acquiring, owning, and managing industrial properties [4]