newsfilter
← Latest News
GlobeNewswire·

Alpine Income Property Trust Acquires Property Anchored by Walmart and TJ Maxx for $20.7 Million

PINE
  • Alpine Income Property Trust, Inc. announced the $20.7 million acquisition of three properties in Richmond, Virginia, totaling 177,441 square feet on 14 acres.
  • The portfolio includes a fully leased Walmart Supercenter anchored on an 8-acre ground lease with an AA credit rating.
  • The acquisition also comprises a four-tenant triple-net-leased building anchored by TJ Maxx (A credit rating) and an additional ground leased outparcel.
  • Walmart becomes the Company's fourth largest tenant, joining investment-grade tenants Lowe's (BBB+) and Dick's Sporting Goods (BBB).
  • This transaction marks the Company's first TJ Maxx-branded store within its portfolio.
  • Approximately 50% of the Company's annualized base rent is now attributable to investment-grade rated tenants.
  • The market trade area features an average household income of $146,000 and a population exceeding 200,000 within a five-mile radius.