Pratt & Whitney Occupies Mission Critical Facility
Tampa, FL – December 20, 2018 – Generation Income Properties, Inc. (the “Company” or “GIP”) announced today that it has purchased, through a joint venture with Generation Income Properties, L.P., a 63,000/SF industrial building in Huntsville, Alabama. The building is net leased to Pratt & Whitney, a subsidiary of United Technologies.
The total purchase price was $8.3M plus closing costs and expenses, and was purchased using a combination of cash from the Company, funds from the joint venture partner and debt. The $8.3M purchase is GIP’s largest to date and adds another investment-grade credit tenant to its portfolio, increasing the Company’s annual gross-revenue by $685,000.
David Sobelman, CEO, stated, “I am extremely excited about the purchase of this asset. I am pleased the Company continues to find value in stabilized assets, growing both GIP’s portfolio and revenue for its shareholders.”
About Generation Income Properties
Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust (REIT) formed to acquire and own, directly and jointly, and fund development of, net leased real estate assets. GIP is focused on retail, medical, office and industrial freestanding single-tenant net leased properties located primarily in major United States cities.
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. It reflects 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. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward‐looking statements to reflect events or circumstances that arise after the date hereof.
or circumstances that arise after the date hereof.hereof.