Business
Generation Income Properties Announces Agreement for Pending $3.1 Million Transaction
TAMPA, FL / ACCESSWIRE / November 1, 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 1, 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 an approximately 11,000 SF single-tenant retail building in Chicago, Illinois for total consideration of approximately $3.1 million. The Company expects to fund the acquisition with approximately 50% cash and 50% debt.The building is occupied by Fresenius Medical Care (NYSE:FMS), which currently holds an investment grade credit rating of BBB- on the Standard & Poor's scale. The tenant has approximately 5 years remaining on its current lease term, with the option for the tenant to extend for two (2) consecutive five (5)-year periods, and annualized base rent of approximately $224,000.The transaction is subject to customary closing conditions and due diligence. David Sobelman, President and Chief Executive Officer of GIP, noted, \"The underwriting conducted on this particular location's real estate market's metrics, along with the investment-grade strength of the tenant, made this an attractive acquisition to grow our portfolio.\"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 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 nature and, accordingly, are subject to risks and uncertainties. Such forward-looking statements include risks and uncertainties t...