Loci Capital Leads Preferred Equity Investments in 21 Asset Portfolio
August 14 2023 - 9:54AM
Business Wire
Funds controlled by Loci Fund II GP, LLC, an affiliate of Loci
Capital Group, LLC (“Loci”), a leading private real estate fund
manager, completed a preferred equity investment for the
acquisition & recapitalization of a 21-asset retail and
commercial net lease portfolio. The portfolio will be managed by
Generation Income Properties, Inc. (NASDAQ: GIPR).
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“This investment is a great example of the type of access we
provide our investors in what is a difficult market to get deals
closed,” commented Michael Phillips, CEO and co-founder of Loci
Capital. “The cost basis, underlying cash flow of the portfolio,
and strength of the tenant base combine to create a wide margin of
safety for our investors. Combined with world-class sponsorship, we
think this is a great first deal for our Fund II investors.”
The investment was made concurrent with GIPR’s acquisition of a
portfolio of 13 net lease assets from Modiv Industrial, Inc. (NYSE:
MDV), an internally managed net lease industrial manufacturing
REIT. The high-quality portfolio is complementary to GIPR’s
portfolio and investment strategy. The transaction nearly doubles
the size of GIPR’s portfolio, is immediately accretive to cash flow
for the Company and increases their geographic footprint to 13
states across the US.
“We’ve been extremely impressed with Generation Income
Properties throughout the investment process,” said Garrett
Francis, Managing Principal and Head of Capital Markets at Loci
Capital. “The team has been incredibly transparent and easy to work
with, providing us with timely access to information needed to
complete an in-depth underwriting of the portfolio. We hope that
this first investment will mark the beginning of a long-term
relationship with GIPR.”
“We are very grateful for the relationship formed with Loci and
the opportunity to work together on this portfolio. Our similar
cultures and attention to detail made for a seamless transaction
and we’re pleased to be working with Loci as we grow our Company,”
commented David Sobelman, CEO of GIPR.
Loci pursues a diversified strategy consistent with the track
record of its senior leadership team focused on making investments
in the Southeastern U.S. The firm invests across asset classes and
throughout the capital stack, targeting opportunistic returns
consistent with those demonstrated by the firm’s 13-year
attributable track record.
About Loci Capital
Loci Capital is a leading middle market private real estate
investment firm based in Florida and focused on investments
throughout the Southeastern United States. Loci’s senior leadership
is experienced in the development, redevelopment, repositioning,
and conversion of assets across all real estate sectors. Since its
inception in 2019, the firm has invested more than US $240 million
of equity in over $1.0bn worth of real estate on behalf of its
investors throughout its target markets, including in the
multifamily, hospitality, office, vacation rental, student housing
and medical office sectors. For additional information, visit
locicapital.com.
About Generation Income
Properties
Generation Income Properties, Inc., located in Tampa, Florida,
is an internally managed real estate investment trust focused on
acquiring and managing income-producing retail, office, and
industrial properties net leased to high-quality tenants in densely
populated submarkets throughout the United States. Additional
information about Generation Income Properties, Inc. can be found
at the Company's corporate website: www.gipreit.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT that
acquires, owns, and manages a portfolio of single-tenant net-lease
real estate. The Company actively acquires critical industrial
manufacturing properties with long-term leases to tenants that fuel
the national economy and strengthen the nation’s supply chains.
Driven by an investor-first focus, the Modiv name reflects its
commitment to providing investors with Monthly Dividends. As of
August 14, 2023, Modiv had a $614 million real estate portfolio
(based on estimated fair value) comprised of 4.7 million square
feet of aggregate leasable area. For more information, please visit
www.modiv.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230811305290/en/
Loci Capital Casey Wilson
cwilson@locicapital.com +1.808.221.0074
Generation Income Properties
Investor Relations ir@gipreit.com +1.813.448.1234
Modiv Industrial Margaret
Boyce Financial Profiles Mboyce@finprofiles.com +1.310.622.8247
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