Spartan Logistics Signs 258,000 SF Lease in Columbus
The new three-year lease transaction at the 340,000-square-foot property fills Boston-based Plymouth Industrial’s largest vacancy in its portfolio and raises the property’s leased rate to 76%.
COLUMBUS, OH—Locally-based Spartan Logistics has signed a new lease for 257,962 square feet with building owner Plymouth Industrial REIT, Inc. at 3100 Creekside here.
The new three-year lease transaction at the 340,000-square-foot property fills Boston-based Plymouth Industrial’s largest vacancy in its portfolio and raises the property’s leased rate to 76%.
Spartan Logistics is a full-service third-party logistics 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. The firm opened a new dedicated 124,000-square-foot warehouse in Greenwood IN this past April.
Plymouth also announced today 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, SVP of asset management for Plymouth Industrial states, “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 CEO of Plymouth says in connection with its revolving credit facility announcement, “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.”
In late July, Plymouth Industrial acquired a multi-tenant 129,000-square-foot Class B industrial building in St. Louis, MO for $5.4 million in cash.
The industrial building on Phantom Drive is 100% leased to two tenants.