Alpine Income Trust Expands Portfolio with $39.8M Q4 Buys and $10M Aspen Deal
Alpine Income Trust added eight properties in Q4 for $39.8M, expanding its portfolio to 128 assets at 99% occupancy and supporting its 6.5% yield. It acquired a 6,529 sq ft Aspen retail property for $10M at an 8.5% cap rate under a 50-year NNN lease with 1.25% escalators in a $187K-income corridor.
1. Alpine Income Completes $10.0 Million Aspen Acquisition
Alpine Income Property Trust has acquired a 6,529-square-foot retail property in downtown Aspen, Colorado, for $10.0 million. The transaction closed under an absolute triple net master lease with a leading commercial real estate firm, featuring an initial capitalization rate of 8.5% and built-in annual rent escalators of 1.25% over a 50-year term. This acquisition marks Alpine Income’s first entry into one of the nation’s most affluent ski resort markets.
2. Strategic Impact and Portfolio Enhancement
The Aspen property sits within a high-density retail corridor where the average household income exceeds $187,000 within a five-mile radius, underscoring strong consumer demand and tenant credit quality. With this deal, Alpine Income’s portfolio expands to 129 properties, maintaining its industry-leading 99% occupancy rate. The high cap rate on a long-dated lease enhances predictable cash flows, strengthens the trust’s 6.5% dividend yield profile, and supports long-term NAV accretion as Alpine scales beyond its current $250 million market capitalization.