Daytona Beach, Florida-based Consolidated-Tomoka Land Co. announced it has acquired Alpine Valley Music Theatre in Walworth County for $7.5 million.
The property, which includes a 37,000-person capacity amphitheater and 150 acres of green space, was purchased from an affiliate of Milwaukee-based Zilber Ltd. It is under an absolute net lease with Beverly Hills, Calif.-based Live Nation Worldwide Inc., which operates the venue. It has a remaining lease term of about 11 years.
“We are pleased to add Alpine Valley Music Theatre to our growing single tenant net lease portfolio,” said John Albright, president and chief executive officer of Consolidated-Tomoka Land Co. “This iconic venue leased by Live Nation brings not only a high-quality asset but a strong tenant to our portfolio.
Alpine Valley is located about 40 miles from Milwaukee and 90 miles from Chicago and draws audiences from both markets.
Coming off of several slow years at the amphitheater, including 2017 in which no shows were held, Alpine Valley booked a more robust show lineup in 2019. Dave Matthews Band, a longtime staple at the venue, played back-to-back shows on July 5 and 6, following a two-year hiatus. Other artists booked this year include the Who, Jimmy Buffett and the Coral Reefer Band, Phish, Hootie & the Blowfish, and the Willie Nelson-backed benefit concert Farm Aid.
