Alpine Income Trust Buys Aspen Retail Site for $10M at 8.5% Cap Rate
Alpine Income Property Trust acquired a 6,529-square-foot Aspen retail property for $10.0 million at an 8.5% cap rate under a 50-year absolute triple-net lease with 1.25% annual escalators. Its Q4 acquisitions, including eight properties totaling $39.8 million, expanded its portfolio to 128 assets at 99% occupancy, supporting a 6.5% dividend yield.
1. Alpine Income Property Trust Acquires Aspen Retail Property
Alpine Income Property Trust completed the purchase of a 6,529-square-foot retail building in downtown Aspen, Colorado for $10.0 million. The acquisition carries an initial cap rate of 8.5% under a 50-year absolute triple net master lease, which shifts taxes, maintenance and insurance to the tenant. Lease terms include 1.25% annual rent escalators and the tenant is a nationally recognized commercial real estate firm. This property, located on a high-traffic retail corridor, benefits from an affluent trade area with an average household income of $187,000 within a five-mile radius. The deal bolsters PINE’s strategy of targeting single-tenant, free-standing assets leased to creditworthy operators and enhances the trust’s geographic diversification into a luxury resort market.