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Plymouth Industrial REIT Acquires Industrial Assets In Troy, Ohio For $22.5M

Property Image
SOLD
$22,500,000
Steve Timmel
Jeff Johnston
+ 2

Ohio

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Industrial396,800 SF
Sold 12/02/2021
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Property Image
SOLD

Plymouth Industrial REIT Acquires Industrial Assets In Troy, Ohio For $22.5M

2180 Corporate Drive, Troy, Ohio, USA

See Similar Deals
Industrial396,800 SF
Sold 12/02/2021
Steve Timmel
Jeff Johnston
+ 2
Contact now

Summary

OHIO
Asset Type:Industrial
Price Per Square Foot:$56
Total Square Footage:396,800 SF
Transaction Type:Sale

Plymouth Industrial REIT has acquired an industrial property in Troy, Ohio for a sale price of $22,500,000. The property, located at 2180 Corporate Drive, 1520 Experiment Farm Road, and 952 Dorset Road, spans a total of 396,800 square feet. The transaction represents a price per square foot of $57. Culmen Real Estate Services acted as the seller, while the buyer was represented by CBRE brokers Steve Timmel, Jeff Johnston, Will Roberts, Chris Prosser, and Doug Whitten.

Summary of transaction details:

The acquisition of this industrial property in Troy, Ohio was facilitated by Plymouth Industrial REIT. Culmen Real Estate Services acted as the seller in the transaction. The buyer, represented by CBRE brokers Steve Timmel, Jeff Johnston, Will Roberts, Chris Prosser, and Doug Whitten, successfully closed the deal at a price of $22,500,000. The property, covering a total area of 396,800 square feet, is located at 2180 Corporate Drive, 1520 Experiment Farm Road, and 952 Dorset Road.

Players

Steve Timmel
6 deals$81.3M volume
BROKER

Will Roberts
CBRE
6 deals$81.3M volume
BROKER

Jeff Johnston
CBRE
2 deals$33.3M volume
BROKER

Christopher "Chris" Prosser
CBRE
2 deals$33.3M volume
BROKER

Doug Whitten
CBRE
3 deals$33.3M volume
BROKER

BUYER

Details

SOLD
IMAGE: Steve Timmell, Doug Whitten, Chris Prosser, Will Roberts & Jeff Johnston DATE: 12/02/2021 ADDRESS: 2180 Corporate Drive, 1520 Experiment Farm Road & 952 Dorset Road MARKET: Troy, Ohio ASSET TYPE: Industrial BUYER: Plymouth Industrial REIT SELLER: Culmen Real Estate Services BROKERS: Steve Timmel, Jeff Johnston, Will Roberts, Chris Prosser & Doug Whitten - CBRE SALE PRICE: $22,500,000 SF: 396,800 ~ PPSF: $57

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,200,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$79,937.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$106,661.48
Annual Debt Service$1,279,937.75