Alpine Income Property Trust, Inc. Announces Acquisition of a Single-Tenant Retail Property for $4.25 Million

DAYTONA BEACH, Fla., Feb. 03, 2020 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) announced the acquisition of a net-leased retail income property for a purchase price of approximately $4.3 million.

The Company acquired a BP branded convenience store with approximately 10.8 years remaining on the initial 20-year term which includes annual rent escalations. The property is in Highland Heights, Kentucky, just south of Cincinnati, Ohio and sits at the entrance of Northern Kentucky University campus. The tenant is Lehigh Gas Wholesale Services, Inc. a subsidiary of CrossAmerica Partners, a publicly-traded company. CrossAmerica Partners is a distributor of branded petroleum to over 1,300 locations.

Including this single-tenant net leased retail income property, the Company’s portfolio now consists of twenty-four properties located in 18 markets and 12 states across 14 industries, with a weighted average remaining lease term of 8.5 years.  

About Alpine Income Property Trust, Inc.

Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net leased commercial income properties.

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