CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), a leading owner and operator of high-quality, open-air shopping centers located in the higher growth Southeast and Southwest markets of the United States, today announced the acquisition of Ashley Park (the “Property”), a 559,000-square-foot, 60-acre, lifestyle center in the Newnan submarket of Atlanta, Georgia for a purchase price of $79.8 million. The purchase price represents a going-in cap rate near the high end of the Company’s current guidance range for initial cash yields. The acquisition increases the total portfolio by 12%, to 5.2 million square feet.
“This acquisition enhances our portfolio by adding another lifestyle shopping center in Atlanta, our largest market, while leveraging our local personnel to drive operational synergies. Further, approximately 82% of our annual base rent is now derived from assets located in Georgia, Florida, Texas, or North Carolina,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth, Inc. “Additionally, Dick’s Sporting Goods becomes our fifth largest tenant. We acquired the Property below replacement cost with below-market rents, providing an opportunity to unlock long-term value through strategic lease-up and mark-to-market rent opportunities.”
The Property is anchored by Dick’s Sporting Goods, Best Buy, Barnes & Noble, Regal and Dillard’s, and is currently 93% occupied. Ashley Park is situated along I-85, south of the Hartsfield-Jackson Airport. The Property receives over 6 million visits per year.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. owns and operates high-quality, open-air shopping centers located in the higher growth Southeast and Southwest markets of the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE).
We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com.
