CTO Realty Growth, Inc., a real estate investment trust (REIT) based in Winter Park, Florida, has announced the completion of its acquisition of three open-air shopping centers for $137.5 million. The newly acquired properties include Carolina Pavilion in Charlotte, North Carolina; Millenia Crossing in Orlando, Florida; and Lake Brandon Village in Tampa, Florida. Additionally, CTO has sold Jordan Landing in West Jordan, Utah, for $18.0 million. Following these transactions, CTO’s property portfolio has seen a 19% increase in square footage and a 14% increase in annual base rent when compared to June 30, 2024. Year-to-date, the company has completed $230.0 million worth of acquisitions, including structured investments, and $38 million in dispositions. The acquisition aligns with CTO’s strategic focus on high-quality retail properties in growth markets, further strengthening its presence in the Southeast and Southwest regions of the United States. Executives see potential for value-add opportunities like increasing tenancy and market rents.
Real Estate Investment Trust (REIT), Retail Real Estate,United States, Southeast and Southwest U.S.
https://www.globenewswire.com/news-release/2024/08/21/2933367/0/en/CTO-Realty-Growth-Completes-Three-Property-Portfolio-Acquisition-and-Disposition-of-Jordan-Landing.html