Business
Generation Income Properties Announces Agreement for Pending 7-Eleven Portfolio Acquisition
TAMPA, FL / ACCESSWIRE / November 11, 2021 / Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIP" or the "Company") announced the signing of a definitive
About this update from Generation Income Properties Inc.
[{"type":"text","content":"TAMPA, FL / ACCESSWIRE / November 11, 2021 / Generation Income Properties, Inc. (NASDAQ:GIPR) (\"GIP\" or the \"Company\") announced the signing of a definitive Purchase and Sale Agreement under which the Company will acquire a leasehold portfolio of three single-tenant retail buildings in Austin, Texas for total consideration of approximately $8 million. The three buildings are occupied by 7-Eleven, Inc., which currently holds an investment grade credit rating of A on the Standard & Poor's scale. The portfolio has an average term of approximately 9 years remaining on its initial leasehold term, with the option for the tenant to renew for two (2) five (5) - year periods, and an average of 4 years remaining on the initial ground lease term with the option for the Company to renew for three (3) five (5) year periods. The leasehold portfolio has an annualized base rental income of approximately $1.1 million, with ground rent of approximately $511,000 annually.The Company expects to fund the acquisition with approximately 50% cash and 50% debt. The transaction is subject to customary closing conditions and due diligence. David Sobelman, President and Chief Executive Officer of GIP, noted, \"This portfolio represents our continued focus on acquiring high-quality, credit-rated assets with opportunistic lease terms in high-density markets. We are eager to add three more 7-Eleven properties to our portfolio, given the strong relationship built with our existing stores and the strength of the tenant.\"About Generation Income PropertiesGeneration Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate 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. The Company intends to elect to be taxed as a real estate investment trust. Additional information about Generation Income Properties, Inc. can be found at the Company's corporate website: www.gipreit.com.Forward-Looking Statements:This 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 stat...