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CTO Realty Growth, Inc. (NYSE:CTO) (the "Company" or "CTO") today announced the closing of the sale of its mixed-use property totaling approximately 136,000 square feet in downtown Santa Fe, New Mexico (the "Property"). The Property was sold for approximately $20.0 million, representing an exit cap rate within the range of the Company's current guidance for disposition cash yields and generating a gain on sale of approximately $4.6 million.
"In recent months, we have successfully sold many of our smaller non-core properties and nearly all of our legacy office exposure," said John P. Albright, President and Chief Executive Officer of CTO Realty Growth, Inc. "We anticipate using the proceeds from this sale to fund the acquisition of a core power center in the Orlando MSA, which we expect to close in the first quarter of 2024."
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 or fund future acquisitions. With the closing of this transaction, the Company has approximately $30.7 million of proceeds held in 1031 restricted cash accounts.
Posted In: CTO
