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Generation Income Properties, Inc. (NASDAQ:GIPR) announced the completion of the sale of its former Irby Construction-occupied industrial property located at 702 Tillman Place in Plant City, Florida. The transaction was finalized on October 30, 2025, by GIPFL 702 Tillman Place, LLC, an indirect wholly owned subsidiary of Generation Income Properties. The news comes as GIPR shares trade at $1.09, down from the previous close of $1.26.
According to the company’s statement in a press release and SEC filing, the property was sold for $1,950,000 in cash, subject to customary prorations and adjustments. The sale was conducted pursuant to a Purchase and Sale Agreement initially entered into on August 17, 2025, and subsequently amended on October 15, 2025. At the time of the sale, the property was vacant.
The buyer in the transaction was identified as an individual purchaser. Details regarding the amendment to the Purchase and Sale Agreement were not disclosed in the filing, but the company noted that the full text of the agreement and its amendment are attached as exhibits to the Form 8-K.
Generation Income Properties is a real estate investment trust based in Tampa, Florida. Its common stock and warrants are listed on The Nasdaq Stock Market LLC under the symbols NASDAQ:GIPR and NASDAQ:GIPRW, respectively.
This information is based on a press release statement and a Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Generation Income Properties announced it received a notice from The Nasdaq Stock Market LLC regarding non-compliance with the minimum stockholders’ equity requirement for continued listing. The company reported a stockholders’ equity deficit of $965,694 in its quarterly report for the period ended June 30, 2025. This figure falls short of the Nasdaq Listing Rule 5550(b)(1), which mandates a minimum of $2.5 million in stockholders’ equity. Additionally, Generation Income Properties does not meet alternative listing standards, such as a market value of listed securities of at least $35 million or net income of at least $500,000 from continuing operations in the most recent fiscal year or in two of the last three fiscal years. These developments were disclosed in a recent SEC filing. The notice from Nasdaq highlights the challenges the company faces in maintaining its listing on the Nasdaq Capital Market. Investors are advised to monitor the situation closely as the company addresses these compliance issues.
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