DAYTONA BEACH, Fla., Dec. 21, 2020 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) announced today it has acquired, through separate transactions, two single tenant properties net leased to Walgreens and Kohl’s for a combined purchase price of $15.4 million The properties were purchased at a weighted average going-in cash cap rate of 7.1% and have a weighted average remaining initial lease term of approximately 9.3 years.

The Kohl’s, located in Glendale, Arizona, benefits from approximately 120,000 people in a 3-mile radius, average household incomes of approximately $89,000 and more than 45,000 vehicles per day along the West Bell Road retail corridor. The Walgreens is located in the Seattle submarket of Tacoma, Washington at an intersection that experiences almost 40,000 cars per day with similarly strong demographics. The properties are leased to, or the leases are guaranteed by the investment grade rated parent entities of Kohl’s or Walgreens, respectively.

In 2020, the Company has acquired 29 single tenant net leased properties for $116.6 million with a weighted average going-in cash cap rate of 6.9%, exceeding its previously provided acquisition guidance of $110 million. Including the new Acquisitions, the Company’s portfolio now consists of 48 properties located in 34 markets and 18 states across 18 industries, with a weighted average remaining lease term of 8.5 years.

About Alpine Income Property Trust, Inc.

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality single tenant net leased properties.

We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.