Generation Income Properties acquires remaining 50% interest in Rockford property for $1.3M

GENERATION INCOME PROPERTIES, INC.

Purchased remaining 50% TIC interest in Rockford, IL property for $1.32M, now 100% owner.
Previous co-owner SunnyRidge MHP sold its interest; closing on September 7, 2023.
Preferred equity investor LC2-NNN Pref contributed $2.1M to GIP SPE upon closing.
Property is located at 525 South Perryville Road, Rockford, Illinois.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GENERATION INCOME PROPERTIES, INC. entered into Tenant in Common Purchase Agreement with SunnyRidge MHP, LLC valued at approximately $1.3 million (effective 2023-09-07).

Action: entry
Agreement: asset purchase
Counterparty: SunnyRidge MHP, LLC
Value: approximately $1.3 million
Effective: 2023-09-07

Exact text from the filing

On September 7, 2023, Generation Income Properties, Inc. (the “ Company ”), through its subsidiary GIPIL 525 S Perryville Rd, LLC (" Buyer "), entered into a Tenant in Common Purchase Agreement (the “ Purchase Agreement ”) with SunnyRidge MHP, LLC (" Seller ") pursuant to which the Buyer purchased the Seller’s 50% undivided tenant-in-common interest in the Company’s Rockford, Illinois property

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GENERATION INCOME PROPERTIES, INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-047967

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