Generation Income Properties acquires two Norfolk office buildings for $18.9m

Generation Income Properties has purchased two office buildings in Norfolk, Virginia, for a combined $18.9m. The assets total 106,621 sq ft. The first property, a 71,774 sq ft, two-tenant office building, is leased to a General Services Administration (GSA) tenant as well as an international shipping company Maersk. The second office building, a 34,847 sq ft single-tenant office building in the Riverside Corporate Center is fully leased by PRA Group.

“With the addition of these two assets, we’ve more than doubled the value of assets under management and added two high-quality properties to our portfolio,” said David Sobelman, president and CEO of Generation Income Properties REIT.