DAYTONA BEACH, Fla., Sept. 28, 2020 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) announced the disposition of a single-tenant net-leased casual dining retail income property located in Charlottesville, Virginia and leased to Outback Steakhouse. The Property was sold for approximately $5.1 million, representing an in-place cap rate of 5.75% and generating a gain of approximately $291,000 or $0.03 per diluted share. The Company anticipates utilizing the proceeds from the sale of the Property as part of a like-kind 1031 exchange.

Adjusting for the sale of the Property, the Company’s portfolio now consists of 44 properties located in 31 markets and 17 states across 16 industries, with a weighted average remaining lease term of 8.6 years.

John P. Albright, President & CEO commented, “We are pleased to have sold this casual dining restaurant at an attractive cap rate to reinvest in higher yielding assets in more Covid-19 resistant industries.”

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.