Alpine Income Property Trust completes $117.3 million acquisition of 13-property industrial portfolio
PINE•Alpine Income Property Trust completed its acquisition of a 13-property industrial portfolio for $117.3 million. The approximately 1.9 million square feet are fully leased to nine tenants, with a weighted average remaining lease term of 10.2 years.
1. Portfolio acquisition completed
Alpine Income Property Trust completed the previously announced acquisition for $117.3 million, or $63 per square foot. The portfolio spans 209 acres in 11 states and includes approximately 1.9 million square feet.
2. Lease and funding details
The properties are 100% leased to nine tenants under absolute triple-net leases, with a weighted average remaining term of 10.2 years and annual rent escalators. Borrowings under the company's revolving credit facility funded the acquisition.
