DAYTONA BEACH, Fla., June 24, 2020 (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 $8.0 million, representing a going-in cap rate of 6.68%.

The Company acquired an approximately 55,000 square foot building leased to Hobby Lobby, situated on over four acres, with approximately 11 years remaining on the lease term that includes contractual rent escalations every five years. The property, developed in 2016, is in the Asheville, North Carolina MSA.

Including this single-tenant net leased retail income property, the Company’s portfolio now consists of 30 properties located in 20 markets and 13 states across 14 industries, with a weighted average remaining lease term of 8.7 years. The Company has acquired approximately $55 million of single-tenant net leased properties year-to-date with a weighted average going-in cap rate of 7.03%.

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.