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JPMorgan Chase Joins Lending Syndicate Providing $100MM to Plymouth Industrial

August 28, 2019, 08:45 AM
Filed Under: Real Estate

Plymouth Industrial REIT, Inc. announced it has filled its largest vacancy with the signing of a new lease for 257,962 square feet with Spartan Logistics at 3100 Creekside in Columbus, Ohio. The new three-year lease, which commenced this week, brings the 340,000-square-foot property to 76% leased.

Spartan Logistics is a full service third-party logistics (3PL) company providing transportation solutions throughout the United States and Canada. Spartan is expected to use the facility for warehouse and distribution for personal care supplies and take physical occupancy of the property in September.

Plymouth also announced that it has added JPMorgan Chase Bank, N.A. as a syndicate lender to the Company’s new $100 million senior secured revolving credit facility. The facility includes KeyBank National Association as administrative agent as well as Barclays Bank PLC and CapOne National Association.

Jim Connolly, Senior Vice President of Asset Management, noted, “One of our top leasing priorities for 2019 was to find the right tenant for our Creekside property. As the largest vacancy in the portfolio, we had no shortage of demand for this opportunity from full to partial space users. We believe we struck the right balance in our agreement with Spartan Logistics and look forward to working closely with them to meet their future needs.”

Jeff Witherell, Chairman and Chief Executive Officer, added, “We have a strong syndicate of lenders on our credit facility led by KeyBank, Barclays and Capital One. JPMC is a great addition to that lineup, and we are pleased to expand our relationship with them. The beneficial impact from this new lease at our Creekside property in Columbus was not included in our previous 2019 outlook, and we expect to incorporate that benefit in our guidance when we report our third quarter results.”

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