Business
Alpine Income Property Trust Sells Former Century Theater Center in Reno, NV for $5.0 Million
WINTER PARK, Fla., Sept. 04, 2025 (GLOBE NEWSWIRE) -- 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
About this update from Alpine Income Property Trust, Inc.
[{"type":"image","alt":"Alpine Income Property Trust","displaySize":"","headline":null,"caption":"Alpine Income Property Trust","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":108,"url":"https://media.zenfs.com/en/globenewswire.com/629346ca42470f5e2a600c5b1264d178"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/dWr.KNZXmz6Tg2tl7oVpaA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTE1MTtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/629346ca42470f5e2a600c5b1264d178","width":300,"height":108}},"lazy":false},{"type":"text","content":"WINTER PARK, Fla., Sept. 04, 2025 (GLOBE NEWSWIRE) -- 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.","length":371,"tagName":"p"},{"type":"text","content":"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.","length":145,"tagName":"p"},{"type":"text","content":"“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.”","length":446,"tagName":"p"},{"type":"text","content":"About Alpine Income Property Trust, Inc.","length":40,"tagName":"p"},{"type":"text","content":"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 portfolio of single tenant net leased commercial income properties that are predominantly leased to high-quality publicly traded and credit-rated tenants.","length":377,"tagName":"p"},{"type":"text","content":"We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.","length":128,"tagName":"p"},{"type...