Alpine Income Property Trust (PINE) closed a $20.7 million transaction on November 20 2025 for three parcels totaling 177,441 sq ft on 14 acres in Richmond, Virginia. The deal includes an 8‑acre ground lease for a Walmart Supercenter, a four‑tenant triple‑net building anchored by a TJ Maxx store, and an additional ground‑leased outparcel. All three properties are fully leased, giving PINE immediate, predictable cash flow from high‑credit tenants.
The acquisition elevates Walmart to the fourth‑largest tenant in PINE’s portfolio, following Lowe’s and Dick’s Sporting Goods, and introduces TJ Maxx as a new anchor. Together, Walmart (AA) and TJ Maxx (A) contribute roughly 50 % of the portfolio’s annualized base rent, underscoring PINE’s focus on investment‑grade tenants. The remaining tenants in the triple‑net building are also credit‑worthy, further reducing portfolio risk.
Richmond’s trade area is a high‑income sub‑market, with an average household income of $146,000 and a population exceeding 200,000 within a five‑mile radius. This demographic profile supports strong retail demand and aligns with PINE’s strategy of acquiring assets in affluent, stable markets. The addition of the Richmond property expands PINE’s geographic reach beyond its existing holdings in the Southeast and Mid‑Atlantic, diversifying regional exposure.
The transaction fits neatly into PINE’s barbell investment strategy, which balances stable net‑lease income from high‑credit tenants with higher‑yielding loan opportunities. By adding a fully leased, high‑credit portfolio, PINE strengthens its income base while preserving capital for future loan‑based investments. The deal also enhances the company’s asset quality, as the new properties are anchored by nationally recognized retailers with strong credit ratings.
PINE financed the acquisition using a combination of cash reserves and its existing debt capacity, maintaining a conservative leverage profile. The transaction is expected to be accretive to earnings and to reinforce PINE’s long‑term focus on high‑quality, income‑generating real‑estate assets.
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