Alpine Income Property Trust Enters Into Agreements to Acquire Seven Properties From CTO Realty Growth for $56. 0 Million
Published
Apr 06 2021 at 8:15 PM GMT
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- DAYTONA BEACH, Fla., April 06, 2021 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc.
- (NYSE:PINE) (the "Company") announced today it has entered two separate agreements to acquire seven retail net lease properties for a combined purchase price of $56.0 million (the "Acquisitions") from CTO Realty Growth, Inc.
- "Since Alpine's IPO in 2019, we've highlighted the remaining single tenants net lease properties within CTO's portfolio as a potential source of future acquisitions for Alpine," said John P Albright, President and Chief Executive Officer of Alpine Income Property Trust.
- "We are excited to announce these first two agreements with CTO, which we believe represent great opportunities for Alpine to efficiently acquire a number of properties that provide an attractive yield and excellent tenant, sector and geographic diversity to our already high-quality net lease portfolio.
- The Acquisitions consist of a purchase and sale agreement to acquire a six-property portfolio (the "Six-Property Acquisition") and a separate purchase and sale agreement to acquire one property (the "Single-Property Acquisition").
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- Published Apr 6, 2021 8:15 PM GMT