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Generation Income Properties Acquires Leasehold Interests in Tucson, Arizona for $7.3 Million
--News Direct--Generation Income Properties, Inc. (NASDAQ: GIPR) ("GIPR" or the "Company") today announced that it has acquired the leasehold interest in a
About this update from Generation Income Properties Inc.
[{"type":"text","content":"--News Direct--Generation Income Properties, Inc. (NASDAQ: GIPR) (\"GIPR\" or the \"Company\") today announced that it has acquired the leasehold interest in a ground lease and corresponding assignment of an 88,743 square-foot, single-tenant retail chain department store sublease in Tucson, Arizona for approximately $7.3 million, or $83 per square foot. The Company funded the acquisition with 50% cash and 50% debt.The building is occupied by a Kohl’s store. Kohl’s (NYSE: KSS) holds an investment grade credit rating of BBB- from Standard & Poor's and Baa2 from Moody’s. David Sobelman, CEO of GIPR, stated, \"This acquisition demonstrates our ability to source and bring to fruition institutional quality real estate assets in desirable locations with high, credit-quality tenants. Tucson is home to the University of Arizona and the second most-populous city in Arizona behind Phoenix, both of which anchor the Arizona Sun Corridor. We believe transactions like this one will create immediate and long-term value for our stakeholders.\" The property has approximately 8 years remaining on the current double net (NN) lease with Kohl’s and 7 years remaining on the ground lease to GIPR. The lease with Kohl’s generates approximately $824,000 of annualized gross base rent and a net rent to GIPR of approximately $591,000 annually after payments under the ground lease. About Generation Income Properties Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment corporation formed to acquire and own, directly and jointly, real estate investments focused on retail, office and industrial net lease properties located primarily in major United States cities. Additional information about Generation Income Properties, Inc. can be found on the Company's corporate website: www.gipreit.com.Forward-Looking StatementsThis press release, whether or not expressly stated, may contain \"forward-looking\" statements as defined in the Private Securities Litigation Reform Act of 1995. The words “believe,” “intend,” “expect,” “plan,” “should,” “will,” “would,” and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These statements reflect the Company's expectations regarding future events and economic performance and are forward-looking in na...