CTO Realty Growth Announces Acquisition of 318,000 Square Foot Retail Power Center in Orlando, Florida for $68.7 Million
Retrieved on:
Thursday, March 21, 2024
WINTER PARK, Fla., March 21, 2024 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced the acquisition of Marketplace at Seminole Towne Center, a 318,000 square foot multi-tenant retail power center in the Sanford submarket of Orlando, Florida (the “Property”) for a purchase price of $68.7 million.
Key Points:
- WINTER PARK, Fla., March 21, 2024 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced the acquisition of Marketplace at Seminole Towne Center, a 318,000 square foot multi-tenant retail power center in the Sanford submarket of Orlando, Florida (the “Property”) for a purchase price of $68.7 million.
- The purchase price represents a going-in cap rate within the range of the Company’s current guidance for initial cash yields.
- Seminole Towne Center is situated on 41 acres along I-4 and SR 417, just over 20 miles north of downtown Olando, Florida.
- A portion of the acquisition was structured as a reverse like-kind exchange in anticipation of possible future income property dispositions by the Company.