Alpine Income Property Trust, Inc. Announces Acquisition of Three Single-Tenant Retail Properties for $16.3 Million
January 15, 2020 at 03:40 am IST
Share
Alpine Income Property Trust, Inc. 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.
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. 
