WINTER PARK, Fla., Oct. 17, 2022 (GLOBE NEWSWIRE) — CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) right now introduced it has acquired West Broad Village, a 392,000 sq. foot mixed-use, grocery-anchored life-style property within the Short Pump submarket of Richmond, Virginia (the “Property”) for a purchase order value of $93.9 million. The buy value represents a going-in cap price above the vary of the Company’s present steerage for preliminary money yields.
“We’re very pleased to be adding to our grocery-anchored asset exposure with our acquisition of West Broad Village, our first Whole Foods and REI-anchored lifestyle property,” stated John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “With future leasing opportunities to drive attractive stabilized cash flows, strong supporting demographics, and Richmond’s high quality of life, business friendly policies and consistent population growth, West Broad Village represents a terrific opportunity for us to invest in a dominant grocery-anchored lifestyle property with long-term upside.”
West Broad Village was developed on 32.6 acres in phases between 2007 to 2014 and is surrounded by a combination of high-end residential, hospitality and workplace properties. Prominently located on West Broad Street throughout the space’s main business hall and adjoining to I-64 and the I-295 interchange, the well-located Property has an amplified commerce space permitting it to profit from five-mile common family incomes of greater than $140,000 and a five-mile inhabitants of almost 175,000. West Broad Village is 83% occupied and comprised of roughly 315,600 sq. ft of retail and 76,400 sq. ft of complementary workplace and consists of a pretty mixture of nationwide and native tenants spanning the grocery, meals & beverage, leisure, schooling, dwelling décor, childcare and medical sectors.
The Property was bought by means of a 1031 like-kind trade utilizing $35.0 million of restricted money generated from the Company’s beforehand accomplished property inclinations, out there unrestricted money, and attracts from the Company’s unsecured revolving credit score facility. The acquisition was structured as a reverse like-kind trade with a purpose to account for potential future inclinations of earnings properties by the Company.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. is a publicly traded actual property funding belief that owns and operates a portfolio of high-quality, retail-based properties positioned primarily in greater development markets within the United States. CTO additionally externally manages and owns a significant curiosity in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded web lease REIT.
We encourage you to evaluation our most up-to-date investor presentation and supplemental monetary info, which is obtainable on our web site at www.ctoreit.com.
Safe Harbor
Certain statements contained on this press launch (aside from statements of historic reality) are forward-looking statements throughout the which means of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can usually be recognized by phrases akin to “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and comparable expressions, in addition to variations or negatives of these phrases.
Although forward-looking statements are made primarily based upon administration’s current expectations and cheap beliefs regarding future developments and their potential impact upon the Company, a quantity of elements might trigger the Company’s precise outcomes to vary materially from these set forth within the forward-looking statements. Such elements might embody, however aren’t restricted to: the Company’s potential to stay certified as a REIT; the Company’s publicity to U.S. federal and state earnings tax regulation modifications, together with modifications to the REIT necessities; common antagonistic financial and actual property circumstances; macroeconomic and geopolitical elements, together with however not restricted to inflationary pressures, rate of interest volatility, international provide chain disruptions, and ongoing geopolitical struggle; the last word geographic unfold, severity and period of pandemics such because the COVID-19 Pandemic and its variants, actions that could be taken by governmental authorities to include or handle the impression of such pandemics, and the potential destructive impacts of such pandemics on the worldwide economy and the Company’s monetary situation and outcomes of operations; the lack of main tenants to proceed paying their lease or obligations as a result of chapter, insolvency or a common downturn of their business; the loss or failure, or decline within the business or property of PINE; the completion of 1031 trade transactions; the provision of funding properties that meet the Company’s funding targets and standards; the uncertainties related to acquiring required governmental permits and satisfying different closing circumstances for deliberate acquisitions and gross sales; and the uncertainties and danger elements mentioned within the Company’s Annual Report on Form 10-Okay for the fiscal 12 months ended December 31, 2021 and different dangers and uncertainties mentioned on occasion within the Company’s filings with the U.S. Securities and Exchange Commission.
There might be no assurance that future developments shall be in accordance with administration’s expectations or that the impact of future developments on the Company shall be these anticipated by administration. Readers are cautioned to not place undue reliance on these forward-looking statements, which communicate solely as of the date of this press launch. The Company undertakes no obligation to replace the data contained on this press launch to replicate subsequently occurring occasions or circumstances.
Contact:
Matthew M. Partridge
Senior Vice President, Chief Financial Officer and Treasurer
(407) 904-3324
[email protected]
