TAMPA, FL / ACCESSWIRE / September 28, 2021 / Generation Income Properties, Inc. (NASDAQ:GIPRU) ("GIP" or the "Company") announced the closing of a 15,288 SF single-tenant retail asset in Rockford, Illinois for total consideration of approximately $4.5 million on August 13, 2021. The building was purchased jointly with a tenants-in-common partner who contributed $1.2 million, $2.7 million in bank financing and approximately $600 thousand from a joint venture partner.
The building is occupied by La-Z-Boy (LZB), which has approximately 6.5 years remaining on its primary lease term and annualized base rent of approximately $358,800. David Sobelman, President and Chief Executive Officer of GIP, noted "We're happy to see our portfolio grow with this transaction. GIP continues to purchase assets leased to credit worthy tenants. With an approximately $1.5B market cap and no meaningful debt, LZB is the type of tenant we seek for our portfolio."
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, with an emphasis on the major primary and coastal markets. GIP invests primarily in freestanding, single-tenant commercial retail, office and industrial properties. Additional information about Generation Income Properties, Inc. can be found at the Company's corporate website: www.gipreit.com
This press release, whether or not expressly stated, 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, accordingly, are subject to risks and uncertainties. Such forward-looking statements include risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements which are, in some cases, beyond the Company's control which could have a material adverse effect on the company's business, 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 filings 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 Company's business, financial condition, and results of operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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SOURCE: Generation Income Properties, Inc.