Plymouth Industrial REIT and Madison International have formed a $150 million equity joint venture to acquire value-add and opportunistic industrial properties. Plymouth will own a 20% interest in the joint venture, and Madison will own an 80% interest.
The JV is an expansion of the two companies' existing relationship, which began in 2018 when Madison made a convertible preferred investment in the REIT and participated in subsequent common equity follow on offerings.
Plymouth will be responsible for day-to-day oversight of the joint venture and will be entitled to an annual asset management fee equal to 1% of the total equity contributed to the joint venture. Plymouth also has options to purchase properties out of the joint venture over time.
Recommended For You
For its first investment, the joint venture has agreed to acquire a 28-property portfolio of Class B industrial properties totaling 2.3 million square feet in metropolitan Memphis. The acquisition, which is subject to customary closing conditions, is expected to close by year end 2020. The acquisition will be funded with secured financing of 60% to 65% loan-to-value and with equity contributions from Plymouth and Madison based on their pro rata ownership of the joint venture.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
