Alpine Income Trust Expands Portfolio with $2.8M Acquisition
Alpine Income Property Trust, Inc. (NYSE: PINE) has expanded its portfolio with the acquisition of a three-property package for $2.8 million. The properties, spread across Illinois, Virginia, and Louisiana, cover a total of 8,890 square feet.
The portfolio includes a net-leased property in Louisiana, occupied by Jiffy Lube, a prominent automotive services franchise. Two other properties, located in Illinois and Virginia, are net-leased to Hardee's, a national quick-service restaurant chain. This acquisition offers Alpine a weighted average going-in cash yield of 8.5%.
The specific tenants for the long-term leases of these free portfolio sites were not disclosed in the search results.
Alpine's recent acquisition adds 8,890 square feet to its free portfolio sites, with a strong initial yield. The properties' strategic locations and established tenants, including Jiffy Lube and Hardee's, are expected to contribute positively to Alpine's income stream.
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