TAMPA, FL / ACCESSWIRE / September 28, 2021 / Generation Income Properties, Inc. (NASDAQ: GIPRU) (âGIPâ or the âCompanyâ) announced the closure of a 15,288 sq. Ft. Single tenant business asset in Rockford, Illinois for total consideration of approximately $ 4 , $ 5 million on August 13, 2021. The building was purchased jointly with a co-ownership partner who contributed $ 1.2 million, $ 2.7 million in bank financing and approximately $ 600,000 from a partner in joint venture.
The building is occupied by La-Z-Boy (LZB), who has approximately 6.5 years remaining over the term of its head lease and an annualized base rent of approximately $ 358,800. David Sobelman, President and CEO of GIP, said: âWe are pleased to see our portfolio grow as a result of this transaction. GIP continues to purchase assets leased from creditworthy tenants. With a market capitalization of around $ 1.5 billion and no significant debt, LZB is the type of tenant we are looking for for our portfolio. “
About Generation Income Properties
Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment firm formed to acquire and own, directly and jointly, real estate investments focused on retail, office and industrial properties located mainly in the main United States. cities, with an emphasis on the main primary and coastal markets. GIP invests primarily in independent single-tenant commercial, office and industrial buildings. Additional information about Generation Income Properties, Inc. is available on the company’s website: www.gipreit.com
This press release, whether expressly mentioned or not, may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These statements reflect the Company’s expectations regarding future events and economic performance. and are forward-looking in nature and, therefore, are subject to risks and uncertainties. These forward-looking statements include risks and uncertainties which could cause actual results to differ materially from those expressed or implied by these forward-looking statements which are, in certain cases, beyond the control of the company, which could have an impact. material adverse effect on the company’s activities. , financial condition and results of operations. Some of these risks and uncertainties are identified in the company’s most recent registration statement on Form S-1 and its other documents filed with the SEC, which are available at www.sec.gov. The occurrence of any of these risks and uncertainties could have a material adverse effect on the business, financial condition and results of operations of the Company. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release.
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THE SOURCE: Generation Income Properties, Inc.
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