Jeffrey E. Witherell is the Chief Executive Officer and Chairman of the board of Plymouth Industrial REIT, Inc., and has held these positions since the formation of the company. Mr. Witherell has been involved in real estate investment, development and banking activities for more than 25 years. From April 2008 through 2011, he was engaged in the formation and operation of Plymouth Group Real Estate and Plymouth Real Estate Capital LLC, a FINRA-registered broker/dealer. Prior to that, from April 2000 to March 2008, Mr. Witherell was employed as an investment executive with Franklin Street Properties Corp. and its subsidiary, FSP Investments LLC. Previously, he was affiliated with IndyMac Bank, where he was responsible for closed loan acquisitions, from 1999 to 2000; served as COO for real estate investment firm GAP LP from 1996 to 1999; and founded and served as President of real estate development firm Devonshire Development, Inc., from 1994 to 1996.
In this exclusive 2,682 word interview, Jeffrey Witherell details the strategy for his company and the real estate market in general.
“We have gone into markets where we think we can add value, and by definition, that has pushed us toward major markets like Chicago, which is a large industrial market and a distribution market. We have a concentration in Columbus, a very big concentration in Ohio. We have some properties in Indiana, we have properties in Atlanta, and we have several in Memphis as well. We don’t want to pigeonhole ourselves and say it’s just class B properties; we own some class A, but it’s primarily class B industrial assets.”
The industrial real estate sector has a definite type of superior investment:
“Warehouse is the general flavor, but we do like and we have a preference for properties where people actually work in our buildings, where they assemble things or they make things. These tenants tend to have significant bolt-down costs with their heavy machinery and equipment, meaning they don’t willingly relocate when their lease is up for renewal, as opposed to a building that uses mainly robots and shelving that can pick up and move relatively easy.”
Get the complete details on the markets and types of deals that Plymouth Industrial REIT is closing by reading the entire interview in the Wall Street Transcript.
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