South Charlotte’s Carolina Pavilion shopping center has a new owner: Winter Park, Fla.-based CTO Realty Growth has purchased the 691,000-square-foot open-air retail center on South Boulevard for $94 million, according to Mecklenburg County property records.
The previous owner was Beachwood, Ohio-based Site Centers, which purchased the open-air retail center in 2012 for $110 million.
The 72-acre site is currently 93% occupied and is anchored by AMC Theatres, Floor & Decor, Nordstrom Rack and Ross & Burlington, with the nearby Target store acting as a shadow anchor, with the retail giant also owning the store.
CTO Realty is a publicly traded real estate investment trust that owns and operates 19 retail properties in more than six states. It also owns Beaver Creek Shopping Center in Apex.
“Consistent with our investment strategy, Carolina Pavilion offers near-term value-add opportunities, including the addition of a strong tenant, market-relevant rents and increased occupancy rates,” CTO Realty Growth CEO John P. Albright said in the release.
CTO Realty Growth announced the purchase of the Charlotte property along with two other properties in Orlando and Tampa, Fla. The company paid a total of $137.5 million for all three properties. On Aug. 15, CTO Realty acquired a shopping center in Utah for $18 million, according to the announcement.
Following the closing of the above transactions, the Company’s real estate portfolio will have increased by approximately 19% in terms of square footage and approximately 14% in terms of annual base rent compared to June 30, 2024.
CTO Realty Growth reported sales of $109 million last year, up from $82 million the year before. The company’s shares closed at $18.90 on Friday, up 40 cents, or 2.16 percent. The company’s 52-week price range is between $15.63 and $20.28. The company has a market capitalization of nearly $437 million.
