Alpine Income to Buy 13-Property Industrial Portfolio for $117.3 Million
MT Newswires Live
Yesterday
Alpine Income Property Trust (PINE) said late Friday it has agreed to acquire a 13-property industrial portfolio for $117.3 million, or $63 per square foot.
The portfolio totals about 1.9 million square feet on about 209 acres across 11 states, the firm said, adding that the properties are 100% leased to nine tenants.
Alpine said it plans to fund the acquisition with borrowings under its revolving credit facility, proceeds from select dispositions, and commercial loan repayments. The deal is expected to close in Q4.
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