Alpine Income Property Trust Acquires Net Lease Portfolio
The REIT has purchased nine net-leased retail properties in New York, Ohio and Maryland for a price of $14 million.
DAYTONA BEACH, FL – Alpine Income Property Trust Inc. has acquired eight single-tenant, net-leased retail income properties located in New York and Ohio, and one net-leased retail property located in Maryland.
The properties were acquired as a portfolio for a price of $14.25 million, representing a weighted average going-in cap rate of 6.85%. Alpine Income Property Trust funded the purchase with cash on hand and a draw of $14 million from its line of credit.
All of the properties are leased to or guaranteed by investment-grade rated tenants. Each of the New York and Ohio retail properties are leased to Dollar General, and the Maryland retail property is leased to Advance Auto Parts.
The portfolio’s weighted average remaining lease term is currently 12.4 years.
Upon the recent purchase, Alpine Income Property Trust’s portfolio now consists of 40 properties, located throughout 27 markets across 17 states.
The publicly-traded REIT has acquired $89.7 million in single-tenant, net-leased properties year-to-date, with a weighted average going-in cap rate of 6.92%.