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.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
