Alpine Income Property Trust Acquires Property Anchored by Walmart and TJ Maxx for $20.7 Million

Rhea-AI Summary

Alpine Income Property Trust (NYSE: PINE) acquired three parcels in Richmond, Virginia for $20.7 million on Nov. 20, 2025. The properties total 177,441 sq ft across 14 acres, are fully leased and include a Walmart Supercenter on an 8-acre ground lease and a four-tenant triple-net building anchored by TJ Maxx.

Post-closing, Walmart is PINE’s fourth-largest tenant and approximately 50% of annualized base rent is attributable to investment-grade tenants; the trade area shows $146,000 average household income and >200,000 population within five miles.

Positive

• $20.7M acquisition of three Richmond, VA parcels
• Properties total 177,441 sq ft fully leased
• Includes Walmart Supercenter on an 8-acre ground lease
• Adds first TJ Maxx branded store to portfolio
• ~50% of annualized base rent from investment-grade tenants
• Trade area: $146,000 average household income, >200,000 population

Negative

• None.

Insights

Real Estate Portfolio Strategist

Acquisition strengthens lease income quality and increases exposure to investment-grade tenants; modest portfolio-scale uplift.

The Company acquired three parcels totaling 177,441 square feet for $20.7 million, all fully leased and anchored by a Walmart Supercenter on an 8-acre ground lease and a four-tenant, triple-net building anchored by TJ Maxx. This transaction adds a new national-brand tenant to the portfolio and makes Walmart the fourth-largest tenant, while raising the share of annualized base rent from investment-grade tenants to 50%.

Key dependencies include lease term lengths, ground-lease terms and credit durability of the named tenants; these facts determine cashflow stability and re-leasing risk. The announcement cites local market strength with average household income of $146,000 and a five-mile population above 200,000, which supports demand but does not by itself guarantee rental growth.

Watch lease maturities, the specifics of the ground-lease (especially escalation and landlord obligations), and any near-term capital expenditures; monitor these over the next 6–18 months for realized income impact and integration of the newly acquired assets.

WINTER PARK, Fla., Nov. 20, 2025 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) today announced the $20.7 million acquisition of three separately parceled properties (the “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 (AA credit rating) situated on an 8-acre ground lease. The acquisition also includes a four-tenant, triple-net-leased building anchored by TJ Maxx (A credit rating) and an additional ground leased outparcel.

With this acquisition, Walmart becomes the Company’s fourth largest tenant, joining a portfolio led by investment grade-rated tenants Lowe’s (BBB+ credit rating) and Dick’s Sporting Goods (BBB credit rating). 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.

The property is located in a robust market trade area demonstrated by an average household income of $146,000 and population exceeding 200,000 within a five-mile radius.

About Alpine Income Property Trust, Inc. 

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a diversified portfolio of single tenant net leased commercial income properties that are predominantly leased to high-quality publicly traded and credit-rated tenants.

We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.  

Safe Harbor 

This press release may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in first mortgage investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company’s business and the business of its tenants and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the Company’s business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Contact:
Investor Relations
ir@alpinereit.com

FAQ

What did Alpine Income Property Trust (PINE) acquire on Nov. 20, 2025?

PINE acquired three Richmond, VA parcels totaling 177,441 sq ft for $20.7 million.

How does the Richmond acquisition affect PINE’s tenant credit profile?

The deal makes Walmart the company’s fourth-largest tenant and helps bring ~50% of annualized base rent from investment-grade tenants.

What anchors the acquired properties in PINE’s Nov. 20, 2025 purchase?

A Walmart Supercenter on an 8-acre ground lease and a four-tenant NNN building anchored by TJ Maxx.

How large is the trade area demographic near PINE’s new Richmond property?

The five-mile trade area has >200,000 population and an average household income of $146,000.

Does the Nov. 20, 2025 acquisition add new retail brands to PINE’s portfolio?

Yes; the acquisition introduces PINE’s first TJ Maxx-branded store to the portfolio.

Where can investors find more information about Alpine Income Property Trust (PINE)?

Investors can review the company’s most recent investor presentation available on its website and filings with the U.S. Securities and Exchange Commission.