ELKHORN, Wis. (CelebrityAccess) — Florida-based real estate developer Consolidated-Tomoka Land Co. announced it has acquired the famed Alpine Valley Music Theatre in Walworth County for $7.5 million.
The property, which includes a 37,000-capacity and a 7,500-seat pavilion, also includes 150 acres of green space and is located near several metropolitan areas including Chicago, Illinois, Milwaukee, Wisconsin, and Madison, Wisconsin
The property was purchased from an affiliate of Milwaukee-based Zilber Ltd and is under an absolute net lease with Live Nation, which currently operates the amphitheater.
After several slow years, including 2017 which saw no performances at the Alpine, the venue’s concert calendar for the 2019 season was a bit more active, with performances from Dave Matthews Band, who performed on July 5th & 6th, as well as upcoming performances by The Who and Willie Nelson’s Farm Aid later this month.
“We are pleased to add Alpine Valley Music Theatre to our growing single tenant net lease portfolio. This iconic venue leased by Live Nation brings not only a high-quality asset but a strong tenant to our portfolio. This investment brings our acquisitions year to date to approximately $83 million,” said John P. Albright, President and Chief Executive Officer of Consolidated-Tomoka.
Consolidated-Tomoka’s real estate holdings include 2.3 million square feet of income properties around the US, including over 5,300 acres of land in the Daytona Beach area.