Tampa REIT buys second property for portfolio

In advance of an anticipated initial public offering later this year, Generation Income Properties Inc. is working to expand its portfolio of net-leased retail properties.

The Tampa real estate investment trust earlier this month closed on its second property, a new Starbucks coffee shop at 1300 S. Dale Mabry Highway, for $3.46 million.

David Sobelman, GIP’s founder and president, says the purchase price represents a 15% discount to the property’s market value. He describes the property as “stabilized.”