January 16, 2019
Plymouth Industrial REIT has acquired a multi-tenant Class B industrial building for $5 million in cash. The 73,785-square-foot 44 Tower Rd. in Burr Ridge, IL is leased to World PAC, a subsidiary of Advance Auto Parts, and Hydra Stop, one of the world’s largest insertion valve and line-stop manufacturers.
“In markets such as Chicago, we are very focused on selectively extending our presence with well-tenanted properties in strong locations with highly-skilled labor, stable cash flows and the ability to create value through leasing,” said Pendleton White Jr., the REIT’s president and CIO. “44 Tower Rd. fits the bill with two strong tenants and a favorable tax abatement that provides a competitive advantage for future leasing.”
He added that the Southwest submarket, where 44 Tower Rd. is located, “has also experienced more absorption than any other Chicago submarket, and is very mature with little available land for new development.”
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