PINE - CTO Realty Growth Announces Sale of Community Shopping Center in Fort Worth TX For $14.8 Million | Benzinga
WINTER PARK, Fla., Oct. 16, 2023 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE:CTO) (the "Company" or "CTO") today announced the closing of the sale of Westcliff Shopping Center, a 134,750 square foot single community shopping center located in Fort Worth, Texas (the "Property"). The Property was sold for $14.8 million, representing an exit cap rate of 5.2% and generating a loss on sale of approximately $0.9 million.
"We continue to make good progress towards our goal of selling our smaller non-core properties. Proceeds from this sale will be used to paydown debt, further enhancing our balance sheet and generating improved free cash flow," said John P. Albright, President and Chief Executive Officer of CTO Realty Growth, Inc.
The Company expects to utilize 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 $36.1 million of proceeds held in 1031 restricted cash accounts.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth ...