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Alpine Income Property Trust, Inc. (NYSE:PINE) (the "Company") today announced the sale of its former Century Theater Center in Reno, NV (the "Property") for $5.0 million. As part of the transaction, the Company provided seller financing of $4.0 million at an annual interest rate of 8.00%, with a term of two years.
The Property comprises 52,474 square feet on 1.4 acres and is almost entirely vacant following the departure of Century Theater in November 2024.
"This transaction is accretive to our earnings, as it eliminates the previous drag from the Property's carrying costs. We expect a partial benefit to be reflected in this year's results, with the full annual impact realized next year," said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. "Additionally, this sale increases our portfolio occupancy to 99.4%, further strengthening our overall performance."
Posted In: PINE
