PINE - CTO Realty Growth Announces Sale of Three Single Tenant Outparcels in Chandler Arizona For $9.2 Million | Benzinga
WINTER PARK, Fla., Dec. 04, 2023 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE:CTO) (the "Company" or "CTO") today announced the closing of the sale of three single tenant outparcels in Chandler, Arizona for a combined sales price $9.2 million, representing a weighted average exit cap rate of 5.9% and generating aggregate gains on sale of approximately $3.0 million. The outparcels are leased to Olive Garden, Old Chicago Pizza + Taproom, and Mattress Firm and were part of the Company's Crossroads Towne Center property.
Year-to-date, the Company has sold eight properties for total disposition volume of $65.1 million at a weighted average exit cap rate of 6.4%, generating gains on sales of $7.1 million.
"We're pleased with the attractive pricing we received on these property sales, as these dispositions continue our efforts to sell smaller format properties to paydown debt as we search for higher growth, larger format investment opportunities," said John P. Albright, President and Chief Executive Officer of CTO Realty Growth, Inc. "Our year-to-date dispositions cap rate of 6.4% is accretive to the $64 million of debt we recently repaid, which had an in-place floating rate of 7.1%, and also compares favorably to the yield on our most recent acquisition located in a growing submarket of Dallas, Texas."
The Company utilized the sales proceeds as part of a Section 1031 like-kind exchange (the "1031 Exchange"). The Company repaid $64 million of the outstanding balance under its unsecured revolving credit facility with available cash and proceeds ...