Generation Income Properties, Inc., a Tampa, FL based real estate investment trust (“REIT”,) recently executed its first contract to purchase a property, occupied by a company owned 7-Eleven store (S&P: AA-), located in the middle of Washington, DC, just north of The White House. The new construction residential condominium building was completed in 2016 and the ground floor unit was developed to be occupied by a credit-worthy commercial tenant to support the high population density area surrounding the building.
David Sobelman, CEO, commented, “I am ecstatic that we are under contract with a property that perfectly matches the REIT’s investment criteria. Acquiring properties with the highest probability of appreciation during the REIT’s ownership, as well as having credit-worthy, long term real estate assets with prime real estate is our primary strategy. I’m thrilled to have found this street level retail asset in the heart of one of our target cities – Washington, DC.”
Closing on the asset is intended for the summer of 2017; subject to the parties’ due diligence and compliance.
About Generation Income Properties
Generation Income Properties, Inc. (“GIP”), a real estate investment trust (“REIT”), was founded by David Sobelman, a veteran net lease investment real estate broker. Mr. Sobelman is also the cofounder of Calkain Companies, one of the nations’ few real estate brokerage firms focused exclusively on triple net lease properties. Calkain has been involved with more than $10 billion in net lease transactions. GIP purchases assets with future generations in mind. GIP’s strategy is to acquire assets with credit-worthy, long term tenants solely in the top 20 highest density cities in the United States. The company intends to provide long-term stable yields to its investors, with a focus on future real estate values where the REIT has the best chances of appreciation through the value of the assets and/or rent growth. The single-tenant, net-leased investments that GIP identifies for acquisition are typically singletenant office, retail, or industrial buildings with existing leases of 10 to 25 years.