Seattle & Northwest + Portland + Net Lease | April 16, 2022

Alpine Income Property Trust has exited the office sector with the sale of a net leased Wells Fargo property in Hillsboro, OR

Alpine IPT Exits Office Market with Portland-Area Sale

Alpine Income Property Trust, Inc. (PINE) closed the sale of its single tenant office property located in the Portland, OR suburb of Hillsboro, OR and net leased to Wells Fargo. With 3.7 years of remaining lease term, the property was sold for $38.8 million, generating a gain on sale of $7.0 million. The buyer wasn’t disclosed.

The company utilized the proceeds from the sale of the property as part of like-kind reverse 1031 exchanges, acquiring a nine-asset portfolio of Walgreens and CVS properties. The sale marked PINE’s exit from the office sector.

“The sale of our sole remaining office property leased to Wells Fargo was the final step in our initiative to position our high-quality net lease portfolio as 100% retail,” said John P. Albright, president and CEO of Winter Park, FL-based PINE. He added that the redeployment of the proceeds “establishes Walgreens as our new top tenant.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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