Plymouth Industrial REIT sold a Memphis flex building for $2.4 million, focusing on portfolio optimization and future developments.
Quiver AI Summary
Plymouth Industrial REIT, Inc. announced the sale of a 33,688-square-foot flex building in Memphis, TN, for $2.4 million, as part of a strategy to divest non-core assets. This building was included in a portfolio acquisition in July 2024. The proceeds from the sale will be used to support leasing activities and the conversion of a 100,000-square-foot call center back into a warehouse for multiple users. CEO Jeff Witherell highlighted this sale as part of Plymouth's efforts to enhance portfolio value and fit within the local market. Additionally, the company is considering developing a new 106,000-square-foot building on excess land and retains ownership of 6.4 million square feet in the Memphis area.
Potential Positives
- The sale of the 33,688-square-foot flex building for $2.4 million represents a successful divestiture of a non-core asset, aligning with the company's strategic focus.
- Sale proceeds will be used to fund leasing activities, enhancing the portfolio's operational efficiency and potential revenue generation.
- The ongoing conversion of the 100,000-square-foot call center back to warehouse format aims to attract multiple industrial users, indicating a proactive approach to market demands.
- Plymouth is evaluating the development of an additional 106,000-square-foot building on excess land, signaling growth opportunities within the Memphis market.
Potential Negatives
- The sale of the Memphis flex building at $2.4 million may indicate that Plymouth Industrial REIT is unable to realize significant return on assets that were previously acquired for $100.5 million.
- The company's decision to sell a non-core asset leased on a short-term basis raises concerns about the stability and sustainability of its property portfolio going forward.
- The reliance on forward-looking statements in the press release, which carry inherent risks and uncertainties, may lead to skepticism among investors regarding the company's future performance and strategic plans.
FAQ
What property did Plymouth Industrial REIT sell?
Plymouth Industrial REIT sold a 33,688-square-foot flex building in Memphis, TN.
How much did Plymouth gain from the sale?
The sale price for the flex building was $2.4 million.
When did Plymouth acquire the property?
Plymouth acquired the property as part of a portfolio in July 2024 for $100.5 million.
What will the sale proceeds be used for?
The proceeds will fund leasing activities and conversion of a call center back to warehouse space.
How large is Plymouth's total real estate portfolio in Memphis?
Plymouth owns a total of 6.4 million square feet in the Memphis market.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PLYM Insider Trading Activity
$PLYM insiders have traded $PLYM stock on the open market 3 times in the past 6 months. Of those trades, 2 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $PLYM stock by insiders over the last 6 months:
- VI REIT INVESTMENTS IV, LLC MIRELF sold 563,438 shares for an estimated $13,285,868
- PENDLETON P. JR. WHITE purchased 5,000 shares for an estimated $91,950
- JEFFREY E WITHERELL (CEO) purchased 2,000 shares for an estimated $36,980
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PLYM Hedge Fund Activity
We have seen 101 institutional investors add shares of $PLYM stock to their portfolio, and 70 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SILVERCREST ASSET MANAGEMENT GROUP LLC removed 2,364,292 shares (-50.5%) from their portfolio in Q3 2024, for an estimated $53,432,999
- MADISON INTERNATIONAL REALTY HOLDINGS, LLC removed 756,064 shares (-15.0%) from their portfolio in Q3 2024, for an estimated $17,087,046
- CHILTON CAPITAL MANAGEMENT LLC removed 423,251 shares (-98.6%) from their portfolio in Q3 2024, for an estimated $9,565,472
- ALLIANCEBERNSTEIN L.P. removed 305,460 shares (-56.0%) from their portfolio in Q3 2024, for an estimated $6,903,396
- WESTWOOD HOLDINGS GROUP INC removed 234,215 shares (-7.9%) from their portfolio in Q3 2024, for an estimated $5,293,259
- HEARTLAND ADVISORS INC added 200,000 shares (+inf%) to their portfolio in Q3 2024, for an estimated $4,520,000
- MACQUARIE GROUP LTD added 196,283 shares (+13.2%) to their portfolio in Q3 2024, for an estimated $4,435,995
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
BOSTON, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced the sale of a 33,688-square-foot flex building in Memphis, TN to an end user at a price of $2.4 million. The building was part of a portfolio Plymouth acquired in July 2024 for $100.5 million .
At the time of acquisition, Plymouth targeted this building for divesture as it represented a non-core asset leased on a short-term basis to a tenant known to be vacating at its scheduled lease expiration in December 2024. The sale proceeds will be retained within the portfolio to fund leasing activities and the ongoing conversion of a 100,000-square-foot call center building back to its original warehouse format to accommodate multiple industrial users.
Jeff Witherell, Chief Executive Officer and Co-Founder of Plymouth, noted, “This is another example of how we successfully execute on value-add initiatives across the portfolio to create a better fit for the markets we operate in and to drive growth.”
In addition to the sale of the 33,688-square-foot flex building and the call center conversion, Plymouth continues to evaluate the development of an incremental 106,000-square-foot building on excess land within the portfolio. Plymouth owns a total of 6.4 million square feet in the Memphis market.
About Plymouth
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.
Forward-Looking Statements
This press release includes “forward-looking statements” that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding future leasing activity and expectations for the timing of the closing of the Sixth Street Chicago Joint Venture. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Contact:
John Wilfong
SCR Partners
[email protected]