Alpine Income Property Trust Acquires $20.7M Richmond, VA Portfolio

Alpine Income Property Trust acquired three properties in Richmond, Virginia for $20.7 million. The properties, totaling 177,441 square feet, are fully leased and anchored by a Walmart Supercenter on an 8-acre ground lease. The acquisition introduces Walmart as the company's fourth largest tenant and adds TJ Maxx as a new tenant to the portfolio. The deal increases the percentage of the company's annualized base rent attributable to investment-grade rated tenants to 50%.