Florida REIT acquires Norfolk office buildings valued at $18.9M

Published October 21, 2019 by Richard Foster

A Tampa, Florida-based REIT, Generation Income Properties Inc., has acquired two Norfolk office buildings valued at $18.9 million via an UPREIT transaction brokered by Colliers International.

The buildings are:

• The 71,774-square-foot General Services Administration NAVSEA building at 2510 Walmer Ave., which is primarily occupied by the GSA, as well as global container ship operator Maersk.
• A 34,847-square-foot office building in Riverside Corporate Center at 130 Corporate Boulevard, which is occupied by PRA Group Inc., a debt collection firm.

Robinson Development Group, a Virginia Beach-based development and investment company, contributed the two buildings to Generation Income Properties through an Umbrella Partnership Real Estate Investment Trust (UPREIT) transaction, which allows property owners to convert real estate assets into share interest in the UPREIT. This UPREIT is managed by Generation Income Properties.

The transaction was brokered by a team from Colliers | Virginia, including: J. Scott Adams, president; Patrick Mugler, executive vice president; Gray Randolph, executive vice president; and Will Bradley, senior vice president.