Generation Income buys first property

Generation Income Properties, a Tampa-based real estate investment trust that specializes in acquiring triple-net lease assets, has reached a milestone by closing on its first property.

The REIT spent $2.48 million to acquire a 3,000-square-foot, corporate-owned 7-Eleven store on the ground floor of a new residential tower in Washington, D.C.

“The asset checks every box on our strategy — triple-net property, densely populated city, with a highly qualified tenant,” says Generation Income CEO David Sobelman.

Following the late June deal for the 7-Eleven, the REIT has contracted to buy a newly constructed Starbucks on South Dale Mabry Highway in Tampa. Sobelman says that transaction is slated to close either late this year or in early 2018.

Generation Income, which was founded in September 2015, hopes to complete an initial public offering later this year and begin trading publicly. A secondary offering, tentatively scheduled to raise between $300 million and $500 million, would allow the REIT to buy as many as 75 more commercial properties.