Generation Income Properties, Inc. announced the successful sale of two assets: an Auburn University-occupied industrial building in Huntsville, Alabama, and a Starbucks-occupied retail property in Tampa, Florida. These properties were previously encumbered under a single commercial mortgage-backed securities (CMBS) loan.
The sales resulted in the full repayment of the loan's approximately $10.5 million principal balance. The Auburn University property sold at a 4.06% cap rate or $121.64 per square foot, and the Starbucks property sold at a 5.82% cap rate or $1,568.18 per square foot.
This strategic move significantly reduces the company's debt obligations and improves its financial flexibility. The repayment of the CMBS loan enhances the company's balance sheet and reduces interest expense burdens.
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