Winter PARK, Fla., April 14, 2022 (Globe NEWSWIRE) — Alpine Cash flow Home Belief, Inc. (NYSE: PINE) (the “Company”) now introduced the disposition of its one tenant office environment property located in Hillsboro, Oregon and net leased to Wells Fargo (the “Property”). The Home has 3.7 years of remaining lease expression and was marketed for $38.8 million, producing a achieve on sale of $7. million. The Business used the proceeds from the sale of the House as part of like-variety reverse 1031 exchanges. The Company’s exit of its business office home segment has generated put together gains on sale of $16.1 million.
“The sale of our sole remaining business office property leased to Wells Fargo was the last stage in our initiative to position our large-high-quality net lease portfolio as 100{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} retail,” claimed John P. Albright, President and Chief Govt Officer of Alpine Revenue Residence Have faith in. “The redeployment of the proceeds, which was accomplished in advance of this sale via our order of our not long ago disclosed pharmacy portfolio, establishes Walgreens as our new top rated tenant and meaningfully increases our portfolio’s total weighted typical lease time period and geographic diversity, whilst keeping our sturdy publicity to investment quality tenants.”
About Alpine Revenue Assets Believe in, Inc.
Alpine Revenue Assets Have faith in, Inc. (NYSE: PINE) is a publicly traded real estate financial commitment rely on that acquires, owns and operates a portfolio of high-excellent internet leased industrial cash flow houses.
We really encourage you to overview our most new investor presentation which is accessible on our site at http://www.alpinereit.com.
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| Call: | Matthew M. Partridge Senior Vice President, Main Financial Officer & Treasurer (407) 904-3324 [email protected] |
