CTO Realty Growth, Inc. has acquired three Southeast shopping centers for a total purchase price of $137.5 million.
One is located in Charlotte, North Carolina and is called Carolina Pavilion, another is Millenia Crossing in Orlando, Florida, and the third is Lake Brandon Village in Tampa Bay, Florida.
Carolina Pavilion spans 72 acres and is approximately 691,000 square feet. The shopping center is 93 percent occupancy and features well-known brands such as AMC, Nordstrom Rack, Ross & Burlington, Floor & Decor and Target.
Millenia Crossing is 96 percent occupied and is located next to the Mall at Millenia. The property also spans 11 acres and approximately 100,000 square feet, with a Nordstrom Rack as its highlight.
Lake Brandon Village is fully occupied and features such anchor tenants as Lowe’s, Sprouts, PetSmart, DSW and Scandinavian Design Furniture. The Tampa shopping center is about 102,000 square feet on eight acres of land. The three additions will increase CTO’s real estate portfolio by about 19 percent in terms of square feet, according to the company. When annual base rents are taken into account, that figure increases by just 14 percent.
The Tampa Bay and Orlando acquisitions will increase the real estate investment trust’s presence in Florida, according to its real estate portfolio, which also operates Crabby’s Oceanside and Landshark Bar & Grill in Daytona Beach.
Additionally, CTO announced the acquisition of Jordan Landing in West Jordan, Utah for $18 million. So far this year, the company has completed acquisitions worth $230 million and divestitures worth $38 million.
“Consistent with our investment strategy, Carolina Pavilion offers near-term value-add opportunities, including the addition of strong tenants, increasing rents to market rate and improving occupancy rates,” CTO President and CEO John P. Albright said in a statement.
“Millenia Crossing is located in a prime retail area in Orlando, and Lake Brandon Village adds another property with a grocery store anchor to our portfolio. Additionally, with the sale of Jordan Landing, all of our properties will be located in markets in the southeastern and southwestern United States.”
