Alpine Income Property Trust Acquires Lowe's Location for $22.5 Million
Deal News | Jan 02, 2025 | Globenewswire
Alpine Income Property Trust, Inc., a real estate investment trust, has announced the acquisition of a Lowe's Home Improvement property located in Knoxville, Tennessee for $22.5 million. This acquisition aligns with the company's strategy to invest in strong, high-quality tenants, as Lowe's becomes the second largest tenant in Alpine's portfolio based on annual base rent. In 2024, Alpine completed investments amounting to $134.7 million and divested assets totaling $75.6 million. A key goal achieved was reducing its dependence on Walgreens and increasing the average lease term. This reflects Alpine’s broader strategy of focusing on stable income streams from investment-grade rated tenants. Alpine’s CEO, John P. Albright, emphasizes the trust’s aim to deliver attractive risk-adjusted returns and growth through high-quality investments.
Sectors
- Real Estate Investment Trusts (REITs)
- Retail
Geography
- United States – Alpine Income Property Trust is based in the U.S., and the acquisition of the Lowe's property is in Knoxville, Tennessee. The financial results and market impact are focused in the United States.
Industry
- Real Estate Investment Trusts (REITs) – The article involves Alpine Income Property Trust, Inc., which operates as a real estate investment trust. The acquisition of properties aligns with REIT activities focused on income-generating real estate.
- Retail – The acquisition of a Lowe's Home Improvement location pertains to the retail industry, as the property is leased to a major retail chain.
Financials
- $22.5 million – Purchase price for the Lowe's Home Improvement property in Knoxville, TN.
- $134.7 million – Total amount of investments made by Alpine in 2024.
- $75.6 million – Total disposition volume for Alpine in 2024.
- 8.7% – Weighted average initial investment yield on 2024 acquisitions.
- 6.6% – Weighted average exit cash cap rate for 2024 property sales.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Alpine Income Property Trust, Inc. | Buyer | Company | A publicly traded real estate investment trust focused on single tenant net leased commercial income properties. |
| Lowe’s Home Improvement | Tenant | Company | An American retail company specializing in home improvement products and services. |
| John P. Albright | CEO | Person | President and Chief Executive Officer of Alpine Income Property Trust, Inc. |