CTO Realty Growth Completes Acquisition of Three Property Portfolio
CTO Realty Growth, Inc. (NYSE: CTO) has successfully closed a deal to acquire three open-air shopping centers, collectively known as the 'Three Property Portfolio,' for a total of $137.5 million. This portfolio comprises Carolina Pavilion, Millenia Crossing, and Lake Brandon Village. Additionally, the company has completed the sale of Jordan Landing for $18.0 million.
Expanded Portfolio and Year-to-Date Growth
As a result of these transactions, CTO's property portfolio has grown by around 19% in square footage and 14% in annual base rent compared to earlier this year. To date, CTO has successfully finalized $230.0 million in acquisitions and $38 million in property sales this year.
Strategic Benefits of the New Properties
John P. Albright, the President and CEO of CTO Realty Growth, highlighted the strategic benefits of the newly acquired portfolio. He remarked, 'The Three Property Portfolio expands our geographic reach into Charlotte and Tampa while strengthening our presence in Orlando. Carolina Pavilion presents significant value-add opportunities, Millenia Crossing is situated in a prime retail area, and Lake Brandon Village offers a grocery-anchored shopping experience that is essential for our strategic growth.'
Overview of the Acquired Properties
Carolina Pavilion is a regional retail center spanning 691,000 square feet, located on 72 acres in Southern Charlotte, and is currently 93% occupied with major retail anchors. Millenia Crossing, a 100,000-square-foot retail center next to the Mall at Millenia in Orlando, boasts a 96% occupancy rate. Lake Brandon Village covers 102,000 square feet on 8 acres in a thriving Tampa market and is fully leased with reputable anchor tenants.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. operates as a public real estate investment trust that focuses on high-quality retail properties in vibrant markets across the United States. The firm also holds a significant stake in Alpine Income Property Trust, Inc. (NYSE: PINE), another publicly traded real estate investment trust.
Contact Information
For further inquiries, please contact:
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.