Generation Income Properties Continues to Add to Portfolio with Closing of $3.1 Million Chicago Asset
January 11, 2022 at 09:10 am
Share
Generation Income Properties, Inc. announced the closing of an approximately 11,000 SF medical building in Chicago, Illinois for total consideration of approximately $3.1 million on January 7th, 2021. The building is occupied by Fresenius Medical Care, 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 consecutive five year periods, and annualized base rent of approximately $224,000.
The Company funded the acquisition with approximately 50% cash and 50% debt.
Generation Income Properties, Inc. is an internally managed real estate investment trust. The Company is focused on acquiring and managing income-producing retail, office and industrial properties net leased to high quality tenants in markets throughout the United States. Its retail properties are located in Washington, D.C.; Tampa, FL; Tucson, AZ; San Antonio, TX; Bakersfield, CA; Big Spring, TX; Castalia, OH; Lakeside, OH; Litchfield, ME; Mount Gilead, OH; Thompsontown, PA, and others. Its office properties are located in Norfolk, VA; Manteo, NC; Plant City, FL; Maitland, FL; Vacaville, CA, and others. Its medical retail property is located in Chicago, IL. Its industrial property is located in Huntsville, AL. Its subsidiaries include Generation Income Properties, LP; GIP TRS Inc; GIP REIT OP Limited LLC; GIP DB SPE, LLC; GIPVB SPE, LLC; GIPVA 2510 WALMER AVE, LLC; GIPVA 130 CORPORATE BLVD, LLC; GIPNC 201 Etheridge Road LLC, and others.
GENERATION INCOME PROPERTIES, INC. 
