Consolidated-Tomoka acquires Alpine Valley Music Theatre for $7.5M
Consolidated-Tomoka Land announced the purchase of a 37,000-capacity amphitheater, which includes a 7,500-seat pavilion and extensive green space covering over 150 acres, located in East Troy, Wisconsin. The renowned Alpine Valley Music Theatre is central to several metropolitan areas including Chicago, Illinois, Milwaukee, Wisconsin, and Madison, Wisconsin, and attracts a wide-ranging audience for annual performances. The Alpine Property is under an absolute net lease with Live Nation Entertainment, Inc. with a remaining lease term of approximately 11 years which includes annual rental increases. The initial investment cap rate for the acquisition of the Alpine Property is near the high-end of the Company's 2019 guidance for income property acquisitions. The acquisition of the Alpine Property increases the Company's geographic footprint to sixteen states. Including this transaction, the Company's income property portfolio consists of 50 properties, of which 46 are single-tenant and four are multi-tenant properties. This acquisition was purchased using the Company's line of credit and is expected to be part of a 1031 like-kind exchange.