Tampa-based Generation Income Properties sold seven properties for more than $9 million, using the transactions to pay off mortgage debt and cut a preferred equity obligation that stood at about $20 million last year.
The seven properties included six Dollar General stores that sold for $6.246 million on Aug. 24 and a Fresenius property in Chicago that sold for $2.8 million three days earlier. About $4.04 million from the two transactions is expected to go toward preferred equity held by Loci Capital, reducing the obligation to approximately $4 million.
The six Dollar General stores are in Big Spring, Texas; Mount Gilead, Castalia and Lakeside, Ohio; East Wilton, Maine; and Thompsontown, Pennsylvania. GIPR initially agreed to sell those properties and another Dollar General in Litchfield, Maine, for $7.32 million, but it removed the Litchfield property from the transaction in July…