An undisclosed buyer acquired Two net lease properties from Alpine Income Property Trust, Inc. for $6.6 million.
June 20, 2024
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An undisclosed buyer acquired Two net lease properties from Alpine Income Property Trust, Inc. (NYSE:PINE) for $6.6 million on June 21, 2024. A cash consideration of $6.6 million will be paid by the buyer. Two net lease properties was given to Hobby Lobby & Festival Foods. Alpine Income Property Trust, Inc. sold two net lease properties at a weighted average exit cap rate of 7.04%. The sale of the properties generated aggregate gains of $0.9 million.
An undisclosed buyer completed the acquisition of Two net lease properties from Alpine Income Property Trust, Inc. (NYSE:PINE) on June 21, 2024.
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. 
