Alpine Income Property Trust completed its $117.3 million purchase of a 13-property industrial portfolio on Friday, October 30, and disclosed the closing Monday, November 2. The acquisition adds approximately 1.9 million square feet across 11 states to the real estate investment trust’s holdings.
The company’s Form 8-K fixes the closing date as October 30. Monday’s company release announces completion of the previously agreed transaction, rather than a new purchase agreement or a new financing package.
Alpine funded the acquisition with borrowings under its existing revolving credit facility. The filing identifies the seller only as an institutional owner and says it had no material relationship with Alpine or its subsidiaries apart from this sale. The company did not name a seller in the completion announcement.
The properties cover approximately 209 acres and are fully leased to nine tenants under absolute triple-net leases, according to Alpine. The company put the purchase price at about $63 per square foot and described the properties as manufacturing and distribution facilities.
The portfolio has a weighted average remaining lease term of 10.2 years, with annual rent increases built into the leases. President and Chief Executive John P. Albright cited those terms as support for potential future cash flow growth. That is the company’s investment view, not a guarantee of returns or protection against tenant defaults.
The completion notice did not disclose the initial investment yield, borrowing rate or the amount of unused revolver capacity remaining after the purchase. Its stated funding source is the revolving facility, not a newly announced loan raised specifically for this transaction.
Alpine, based in Winter Park, Florida, owns single-tenant net-leased commercial properties and also makes selected commercial loan investments. For this transaction, Monday’s disclosure changes the status from an announced acquisition plan to a completed addition to its property portfolio.
JBizNews Desk | Winter Park, Florida
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