Rapid Eye
CTO Realty (NYSE: CTO) has narrowed its geographic footprint by acquiring a portfolio of three outdoor shopping centers in North Carolina and Florida for $137.5 million and selling one site in Utah for $18 million, the company announced Wednesday.
Following the closing of the transaction, the company’s real estate portfolio was accreted approximately 19% by square foot and 14% by annual base rent compared to June 30, 2024. Year-to-date, CTO has completed $230 million of acquisitions, including structured investments, and $38 million of divestitures.
CTO Realty (CTO) has acquired Carolina Pavilion in Charlotte, North Carolina, Millenia Crossing in Orlando, Florida, and Lake Brandon Village in Tampa, Florida. It also sold Jordan Landing in West Jordan, Utah.
The transaction expands the company’s footprint in Charlotte, North Carolina, and Tampa, Florida, as well as its Orlando presence. With the sale of Jordan Landing, Utah, all of CTO’s properties are in markets in the Southeast and Southwestern United States.
“Consistent with our investment strategy, Carolina Pavilion offers near-term value enhancement opportunities including the addition of strong tenants, lower market-rate rents and increased occupancy rates. Millenia Crossing is located in a prime retail area in Orlando, and Lake Brandon Village adds another property with a grocery anchor to our portfolio,” said John P. Albright, president and CEO.
CTO Realty (CTO) shares fell 1.0% in pre-market trading.