Company also purchased a ~15,000 sq. f.t building on 2.05 acres in Birmingham, Alabama for ~$5.5M, under lease with Walgreens. The lease has ~9 years remaining on the current term.
Both acquisitions were purchased using the Company’s line of credit and are expected to be part of a 1031 like-kind exchange.
After adjusting for the transactions, the income property portfolio contains 49 properties, with 44 being single-tenant and 5 remaining multi-tenant properties.
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