An unknown buyer acquired 129,600 Square Foot Eastern Commons from CTO Realty Growth, Inc. for $18.2 million.
November 22, 2023
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An unknown buyer acquired 129,600 Square Foot Eastern Commons from CTO Realty Growth, Inc. (NYSE:CTO) for $18.2 million on November 22, 2023. CTO Realty Growth anticipates utilizing the sales proceeds as part of a Section 1031 like-kind exchange (the ?1031 Exchange?). Following the completion of the 1031 Exchange, the Company intends to use available proceeds to repay a portion of the outstanding balance under its revolving unsecured credit facility. With the closing of this transaction, the Company has approximately $53.7 million of proceeds held in 1031 restricted cash accounts.
An unknown buyer completed the acquisition of 129,600 Square Foot Eastern Commons from CTO Realty Growth, Inc. (NYSE:CTO) on November 22, 2023.
CTO Realty Growth, Inc. is a real estate investment trust that owns and operates a portfolio of retail-based properties located primarily in higher growth markets in the United States. The Company operates in four primary business segments: management services, commercial loans and investments, real estate operations, and income properties. The management services segment is a fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (PINE). The commercial loans and investments segment includes a portfolio of three commercial loan investments and one preferred equity investment, which is classified as a commercial loan investment. The real estate operations segment includes a portfolio of subsurface mineral interests associated with approximately 352,000 surface acres in 19 counties in the State of Florida and an inventory of mitigation credits. The Companyâs business also includes its investment in PINE.