Alpine Income Property Trust, Inc. Announces Acquisition of Three Single-Tenant Retail Properties for $16.3 Million

DAYTONA BEACH, Fla., Jan. 14, 2020 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) announced the acquisition of three single-tenant net-leased retail income properties for an aggregate purchase price of approximately $16.3 million.

The Company acquired two corporate operated 7-Eleven convenience stores under new 15-year triple-net leases which include rent escalations during the initial lease term. One property is located in Georgetown, Texas, a suburb of Austin, Texas, and the other property is located in Austin, Texas. The combined purchase price for both properties leased to 7-Eleven was approximately $10.2 million, representing a blended going-in cash cap rate of 6.4%.

The Company also acquired an income property leased to Conn’s HomePlus, a 129-year old consumer products retail company based in Texas, with 11.6 years remaining on the initial lease term. The property is located near the Simon-owned North East Mall in the Dallas/Fort Worth Metroplex. The purchase price for the property leased to Conn’s was $6.1 million at going-in cash cap rate of 7.4%.

Including the three acquired single-tenant net leased retail income properties, the Company’s portfolio now consists of twenty-three properties located in 17 markets and 11 states across 14 industries, with a weighted average 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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