PINE - CTO Realty Growth Announces Sale of Single Tenant Office Property in Reston Virginia For $18.5 Million | Benzinga
WINTER PARK, Fla., Oct. 02, 2023 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE:CTO) (the "Company" or "CTO") today announced the closing of the sale of Reston Metro Center II, a 64,319 square foot single tenant office property located in Reston, Virginia leased to General Dynamics (the "Property"). The Property was sold for $18.5 million, representing an exit cap rate of 7.2% and generating a gain on sale of approximately $1.3 million.
"This sale continues our progress of accretively recycling non-core assets into core retail shopping center properties in business-friendly growth markets," said John P. Albright, President and Chief Executive Officer off 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 $21.8 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 markets in the United States. CTO also externally manages and owns a ...