Alpine Income Property Trust completes $117.3M industrial portfolio buy

Winter Park, Florida - Alpine Income Property Trust Inc. (NYSE:PINE) recently finalized the purchase of a 13-property industrial portfolio for $117.3 million, equating to $63 per square foot. This acquisition spans 1.9 million square feet over 209 acres across 11 states, according to a company press release. The properties are all leased to nine tenants under absolute triple-net leases.

The portfolio boasts a weighted average lease term of 10.2 years and includes built-in annual rent escalators. Funded by borrowings from Alpine Income Property Trust's revolving credit facility, President and CEO John P. Albright highlighted the portfolio's offering of an appealing initial yield with potential future cash flow growth.

Alpine Income Property Trust is a real estate investment trust focusing on single-tenant net leased commercial income properties, as well as commercial loan investments. This report, generated with AI support, has been reviewed by an editor.