Alpine Income Property Trust Completes $117.3 Million Industrial Portfolio Purchase

The Tip Desk · November 2, 2026 · 2 min read

The net-lease REIT closed on a 13-property, 1.9 million-square-foot industrial package at $63 a square foot, 100% leased under absolute triple-net leases with 10.2 years of weighted average remaining term.

Alpine Income Property Trust, Inc. (PINE), an owner and operator of single-tenant net leased commercial income properties, completed the acquisition of a 13-property industrial portfolio for $117.3 million, or $63 a square foot.

The package totals about 1.9 million square feet on about 209 acres across 11 states. The properties are 100% leased to nine tenants under absolute triple-net leases with a weighted average remaining lease term of 10.2 years, and no lease expires before late 2031. Tenants have operated at their sites for an average of about 40 years, and many have made significant investments in the facilities. About 19% of in-place cash rent is attributable to tenants rated investment grade or subsidiaries of investment-grade parents.

The company said the sites are mission-critical manufacturing and distribution facilities. “With 10.2 years of weighted average remaining lease term and annual rent escalators built into the leases, this portfolio of mission-critical manufacturing and distribution facilities delivers an attractive initial yield with future cash flow growth,” said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust.

Albright also said the acquisition would add the facilities “at a low basis with 10 years of weighted average lease term remaining,” and that the company believed the investment would deliver an attractive initial yield, with annual rent escalators supporting future cash flow growth.

On October 5, 2026, a wholly owned subsidiary of the company’s operating partnership entered a purchase and sale agreement with an institutional owner. On October 9, a $1.0 million earnest money deposit became non-refundable, and the company said at the time that it deemed closing probable. It also said then that certain closing conditions remained unsatisfied and there was no assurance it would acquire the portfolio.

The company funded the completed acquisition with borrowings under its revolving credit facility.

Subsequent to quarter end, Alpine received bank commitments for a new $100 million four-year term loan and a $75 million increase in revolving-credit commitments, to $325 million from $250 million. The company said the new financing would increase potential liquidity by $175 million, providing additional capacity to fund pending and future acquisitions, and that the term-loan proceeds would be used to repay outstanding revolving-credit borrowings.

The company presented the $63 a square foot basis as well below estimated replacement cost, with $5.19 average rent per square foot under the absolute NNN structure. After closing, it said the portfolio would sit alongside a pro forma 143-property, about 6.6 million-square-foot book.