DAYTONA BEACH, Fla., (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) announced the acquisition of a net-leased retail income property for a purchase price of approximately $20.6 million, representing a going-in cap rate of 6.65% with approximately 6.6 years remaining on the lease term. The Company funded the acquisition with cash on hand and a draw of approximately $13 million from its line of credit.

The 23-acre property includes an approximately 220,000 square foot building leased to Wal-Mart Real Estate Business Trust which was developed in 1999. The lease is guaranteed by Walmart, Inc. which carries a AA rating by Standard and Poor’s. The property is in Howell, Michigan, which is situated along I-96 and serves as a center point between Detroit, Lansing and Ann Arbor. The property has average household incomes of over $90,000 within three miles.

Including this single-tenant net leased retail income property, the Company’s portfolio now consists of 31 properties located in 21 markets and 14 states across 15 industries, with a weighted average remaining lease term of 8.5 years. The Company has acquired $75.4 million of single-tenant net leased properties year-to-date with a weighted average going-in cap rate of 6.93%.

About Alpine Income Property Trust, Inc.
Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net leased commercial income properties.

We encourage you to visit our website at www.alpinereit.com.