CTO Realty Growth Expands with New Property Portfolio
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CTO Realty Growth Completes Acquisition of Three Property Portfolio
CTO Realty Growth, Inc. (NYSE: CTO) announced the closing of an acquisition involving three open-air shopping centers, collectively referred to as the 'Three Property Portfolio,' for a total purchase price of $137.5 million. This portfolio includes Carolina Pavilion, Millenia Crossing, and Lake Brandon Village. Additionally, the company finalized the sale of Jordan Landing for $18.0 million.
Increased Portfolio Size and Year-to-Date Growth
Following these transactions, CTO's property portfolio has expanded by approximately 19% in square footage and 14% in annual base rent compared to earlier this year. In total, CTO has successfully closed $230.0 million in acquisitions and $38 million in property dispositions year-to-date.
Strategic Advantages of the New Properties
John P. Albright, President and CEO of CTO Realty Growth, emphasized the strategic advantages of the newly acquired portfolio. He stated, 'The Three Property Portfolio extends our geographic footprint into Charlotte and Tampa while enhancing our presence in Orlando. Carolina Pavilion offers significant value-add opportunities, Millenia Crossing is in a prime retail location, and Lake Brandon Village provides a grocery-anchored shopping experience crucial to our strategic growth.'
Details of the Acquired Properties
Carolina Pavilion is a 691,000-square-foot regional retail center located on 72 acres in Southern Charlotte, currently 93% occupied and anchored by major retailers. Millenia Crossing is a 100,000-square-foot retail center adjacent to the Mall at Millenia in Orlando, achieving a 96% occupancy rate. Lake Brandon Village, spanning 102,000 square feet on 8 acres in a robust Tampa market, is fully occupied and boasts reputable anchor tenants.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. operates as a public real estate investment trust specializing in high-quality retail properties in dynamic markets across the United States. The firm also manages a significant share in Alpine Income Property Trust, Inc. (NYSE: PINE), another publicly traded real estate investment trust.
Contact Information
For more information, please reach out to:
Philip R. Mays
Senior Vice President, Chief Financial Officer, and Treasurer
(407) 904-3324
Frequently Asked Questions
1. What properties did CTO Realty Growth acquire?
CTO acquired Carolina Pavilion, Millenia Crossing, and Lake Brandon Village for a total of $137.5 million.
2. How has CTO's portfolio changed after the acquisition?
The portfolio size increased by approximately 19% in square footage and 14% in annual base rent following the transactions.
3. What is the strategic significance of the new acquisitions?
The acquisitions enhance CTO's footprint in key markets such as Charlotte, Tampa, and Orlando, reinforcing their retail presence.
4. Who can I contact for more information about CTO Realty Growth?
You can contact Philip R. Mays, Senior Vice President and CFO, at (407) 904-3324.
5. What type of properties does CTO Realty Growth focus on?
CTO Realty Growth specializes in high-quality, retail-based properties located primarily in higher growth markets throughout the United States.
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