Alpine Income Property Trust, Inc. acquired Two-tenant net leased retail property for $14.6 million.
June 20, 2024
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Alpine Income Property Trust, Inc. (NYSE:PINE) acquired Two-tenant net leased retail property for $14.6 million on June 21, 2024. A cash consideration of $14.6 million will be paid by Alpine Income Property Trust, Inc. The property is 100% leased to investment grade rated tenants Best Buy and Golf Galaxy (Dick's Sporting Goods) and has a weighted average remaining lease term of 4.6 years. The property is approximately 101,000 square feet and is situated on 7.38 acres.
Alpine Income Property Trust, Inc. (NYSE:PINE) completed the acquisition of Two-tenant net leased retail property on June 21, 2024.
Alpine Income Property Trust, Inc. is a real estate investment trust. The Company seeks to deliver risk-adjusted returns and cash dividends by investing in, owning, and operating a portfolio of single tenant net leased properties that are predominately leased to publicly traded and credit-rated tenants. The Companyâs primary objective is to maximize cash flow and value per share by generating stable and growing cash flows and risk-adjusted returns through the ownership, operation, and growth through acquisition of a diversified portfolio of net leased commercial properties with a long-term real estate fundamental and through the investment of commercial loans secured by commercial real estate. The Company operates through two segments: income properties and commercial loans and investments. The 138 properties in the Companyâs portfolio represents approximately 3.8 million of gross rentable square feet with leases that have a weighted average lease term of seven years.
ALPINE INCOME PROPERTY TRUST, INC. 
