Alpine Income Property (PINE) announced the $20.7M acquisition of three separately parceled properties located on 14 total acres in Richmond, Virginia. The Properties, totaling 177,441 square feet, are fully leased and anchored by a Walmart Supercenter situated on an 8-acre ground lease. The acquisition also includes a four-tenant, triple-net-leased building anchored by TJ Maxx and an additional ground leased outparcel. With this acquisition, Walmart becomes the company’s fourth largest tenant. The acquisition also introduces the company’s first TJ Maxx-branded store within its portfolio. Following this transaction, approximately 50% of the company’s annualized base rent is now attributable to investment-grade rated tenants.
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