Generation Income Properties Announces Expansion of Portfolio with Tampa, FL - Area Acquisition
ACCESSWIRE
29 Apr 2021, 04:31 GMT+10
TAMPA, FL / ACCESSWIRE / April 28, 2021 / Generation Income Properties, Inc. (OTCQB:GIPR) ( GIP or the Company ) announced the acquisition on April 21, 2021 of an approximately 7,800 SF single-tenant office building in Plant City, Florida, which is part of the greater Tampa Bay metropolitan area, for total consideration of approximately $1.7 million. The building is occupied by Irby Construction Company, a wholly owned subsidiary of Quanta Services Inc., which holds an investment grade credit rating of BBB- from Standard and Poor s.
GIP funded the transaction with approximately $850K of debt from The Bank of Tampa, and approximately $900K from a Joint Venture Partner. The tenant has approximately 3.5 years remaining on the primary lease term of the property, and the seller was represented by John Rotunno from Stan Johnson Company.
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TAMPA, FL / ACCESSWIRE / April 28, 2021 / Generation Income Properties, Inc. (OTCQB:GIPR) ( GIP or the Company ) announced the acquisition on April 21, 2021 of an approximately 7,800 SF single-tenant office building in Plant City, Florida, which is part of the greater Tampa Bay metropolitan area, for total consideration of approximately $1.7 million. The building is occupied by Irby Construction Company, a wholly owned subsidiary of Quanta Services Inc., which holds an investment grade credit rating of BBB- from Standard and Poor s.
GIP funded the transaction with approximately $850K of debt from The Bank of Tampa, and approximately $900K from a Joint Venture Partner. The tenant has approximately 3.5 years remaining on the primary lease term of the property, and the seller was represented by John Rotunno from Stan Johnson Company.
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