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Florida-based Buyer Acquires Two Norfolk Office Buildings Valued at $18.9 Million

October 18, 2019 – Colliers International announces that Generation Income Properties, Inc. (OTCQB: GIPR), headquartered in Tampa, has acquired two buildings in Norfolk that comprise 106,621 square feet of office space with a value of $18.9 million through an UPREIT transaction.

The portfolio includes the GSA NAVSEA building at 2510 Walmer Avenue, a 71,774-square-foot office building primarily occupied by the General Services Administration as well as Maersk, an international shipping company. In addition, the transaction included a 34,847-square-foot office building in the Riverside Corporate Center at 130 Corporate Boulevard that is solely occupied by the PRA Group, Inc.

President and Chief Executive Office of GIPR David Sobelman stated, “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. Additionally, we had the opportunity to work with true professionals on the other side of transaction. By the contributor having the confidence in the long-term outlook of GIPR, we were able to structure a tax-deferred transaction, an UPREIT, for the owners that allowed them to realize the value of their assets and provide them an opportunity to not incur immediate capital gain taxes through the traditional sale process. We are very happy with the outcome and look forward to future growth in our portfolio.”

The contributor of the two assets was Robinson Development Group, a Virginia Beach-based development and investment firm with assets throughout Virginia. The contributor’s broker was Colliers International’s team including J. Scott Adams, president of Colliers | Virginia; Patrick Mugler, executive vice president; Gray Randolph, executive vice president; and Will Bradley, senior vice president. Colliers International has also been retained for property management on both assets.

Umbrella Partnership Real Estate Investment Trust (UPREIT) refers to an entity structure that allows property owners to convert their ownership of one or more of their real estate assets into an interest which is, immediately, or can ultimately be converted into, a public security. In the basic UPREIT structure the REIT properties are acquired and owned directly or indirectly by its umbrella partnership. Therefore, Generation Income Properties, LP, is the managing partner of the UPREIT property.
Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust formed to acquire and own, directly and jointly, real estate investments focused on retail, office and industrial net lease properties located primarily in major United States cities, with an emphasis on the major coastal markets. It invests primarily in freestanding, single-tenant commercial retail, office and industrial properties. Additional information about Generation Income Properties, Inc. can be found at www.gipreit.com. 

About Colliers International Group Inc.
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at colliers.com, follow us on Twitter: @Colliers and LinkedIn.

For more information, please contact: Cindy Mackey, 757-754-4553, cindymackey@cox.net

 

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Pat Mugler

Executive Vice President

Norfolk - Main

Pat Mugler has over 28 years’ experience in the commercial real estate industry as a broker. As an Executive Vice President and Principal in the Virginia offices, Pat has successfully closed  millions of square feet of lease transactions and participated in numerous institutional and local sales transactions as well. Mr. Mugler has twice been awarded the prestigious “Hunter A. Hogan Award”, for being the region’s highest producing broker.
 
Mr. Mugler serves as the Director of Brokerage Asset Services for office, flex and industrial leasing teams and has extensive experience across all product types including select land and retail assignments.  
 
In addition to extensive relationships with many of the region’s top landlords, Mr. Mugler has long-term tenant relationships with an impressive list of corporations including Maersk, PRA, Cox Communications, Canon Computers, LabCorp, Pitney Bowes, Morgan Stanley, Verizon, and many more Fortune 500 companies.

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Gray Randolph

Executive Vice President

Norfolk - Main

With over 30 years of experience in the commercial real estate industry, Gray Randolph has distinguished himself as a leading office broker in the Hampton Roads area, as well as across the United States and around the globe. Gray serves as an Executive Vice President and Principal for the Colliers | Virginia offices.

Gray specializes in suburban office sales and leasing for the company. He is a licensed broker in Virginia, North Carolina, and Tennessee. He has completed complex transactions throughout the country, and Europe, and has worked extensively with the professionals worldwide to close these transactions. In the last five years alone Gray has closed large transactions in London,  North Carolina, South Carolina, Texas, Nevada, California, Alabama, and the Washington D.C. area. 

In 2001, Gray became a member of the prestigious SIOR (Society of Commercial Real Estate Brokers). He has been a top producer in that arena for the past 20 years, and after closing several thousands of transactions in the last 30 years, he has a keen understanding of the complexities of many markets around the United States and Europe.

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Scott Adams

Executive Managing Director, Virginia & Raleigh

Norfolk - Main

J. Scott Adams, CCIM, has over 27 years’ experience in the commercial real estate industry as an investment sales broker, corporate leader, project manager, and consultant.  Since 1993, Mr. Adams has led the negotiation and sale closings of $1.7 Billion of investment sales of office, office/flex, and industrial properties, primarily in the Virginia markets of Hampton Roads, Richmond, and Charlottesville. He has consistently been recognized as a top regional dealmaker and trusted adviser for institutional and local owners. Mr. Adams remains an active investment sales broker in addition to his corporate leadership responsibilities.

As President of Colliers I Virginia, Mr. Adams is primarily responsible for leading the Colliers International brokerage and asset services teams to be the top performer throughout Southeast and Central Virginia. Mr. Adams has leadership responsibilities for all regional corporate support functions in that region as well. Beginning fall 2020, Mr. Adams will also have leadership oversight for the Raleigh, NC market. 

Prior to Colliers International, Mr. Adams was President for CBRE’s Mid-South Region Affiliate Offices (including offices in Virginia and throughout North Carolina) as well as a Senior Consultant with Kenneth Leventhal & Company (now part of EY) in their Washington, D.C. office. 

Mr. Adams is also actively involved in serving the military veteran community as well as for real estate initiatives at the University of Virginia. 

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Will Bradley

Executive Vice President

Richmond - North

Will Bradley is an Executive Vice President for Colliers International specializing in investment sales across the country. With over 15 years of experience and $1+ billion in sales, Mr. Bradley brings a holistic strategic approach to his client’s goals and needs facilitated through a highly sophisticated and creative process that provides unparalleled results and long-term, multi-transactional relationships. 


Mr. Bradley’s relationships with a wide composition of capital from institutional to high-net-worth and experience transacting across a variety of asset types including office, industrial and flex assets provide him a unique perspective in today’s capital markets. Prior to joining Colliers International, Mr. Bradley spent a decade with CBRE where he grew from the region’s sole analyst to its #1 producer.

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