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December 8, 2014

Boston group buys Portland facility for $10.5M

Plymouth Industrial REIT, a Boston-based real estate investment group, has paid $10.5 million for a building in Portland that houses two large manufacturers, Paradigm Windows and AdvancePierre Foods (formerly Barber Foods).

The CEO of the investment group said no changes to the building are currently planned.

The Mainebiz Real Estate Insider weekly newsletter reported that the sale of the 200,625-square-feet building at 56 Milliken St. in Portland closed on Nov. 19. The warehouse building was sold by Milliken Portland Partners LLC, and CBRE|The Boulos Co. brokered the deal.

Jeffrey E. Witherell, Plymouth's CEO, told Mainebiz that his company is currently not planning to make any changes to the building, adding that Paradigm Windows and AdvancePierre Foods are two "quality" and "solid" tenants. AdvancePierre Foods is a Cincinnati, Ohio-based company that purchased Portland-based Barber Foods in 2011.

The Milliken Street property and its 25.75 acres was valued at $8.6 million as of last April, according to the city assessor's office. The building was sold to Milliken Portland Partners for about $6.5 million in December 2011. Milliken Portland Partners was run by Massachusetts-based JHR Development and Dave Barber, president of Barber Foods.

Like many of the company's recent purchases, Witherell said the purchase of the Portland facility is meant to be a long-term investment. As his company's name implies, Witherell said Plymouth focuses primarily on investing in light industrial buildings. He said the company has purchased 20 buildings in the last two months.

"We plan to hold [the Portland building] indefinitely," Witherell said. He added that his group seeks to acquire properties "at a good cost basis relative to replacement costs. The investment thesis is to hold them long term for cash flow and cash flow growth."

According to Crain's Chicago Business, Plymouth had filed to raise as much as $173 million in an initial public offering with the U.S. Securities and Exchange Commission earlier this year, but later withdrew, saying it will file an IPO next year.

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