CTO Realty Growth Announces Acquisition of a Grocery-Anchored Retail Property in Atlanta, Georgia and Sale of Its Downtown Daytona Beach Land Parcel
30 Décembre 2021 - 11:16PM
CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today
announced it has acquired Phase I of The Exchange at Gwinnett, a
grocery-anchored retail property in the Buford submarket of
Atlanta, Georgia (the “Property”) for $34.0 million. The purchase
price represents a going-in cap rate within the range of the
Company’s guidance for initial cash yields. The Company also
announced the sale of a vacant six-acre development land parcel in
downtown Daytona Beach, Florida for $6.3 million.
“Phase I of The Exchange at Gwinnett is an
excellent opportunity for us to acquire a high-quality, newly built
grocery-anchored property in one of the region’s fastest growing
retail corridors and now makes Atlanta the largest market in our
portfolio based on annualized base rent,” said John P. Albright,
President and Chief Executive Officer of CTO Realty Growth. “This
the first Sprouts in our portfolio and the Property is part of the
first walkable, mixed-use development near the super-regional Mall
of Georgia owned by Simon Property Group. When combined with our
previously announced acquisitions, we’ve now acquired $245 million
of assets in 2021, positioning us for very attractive FFO and AFFO
growth in 2022.”
The Property is part of the larger 106-acre
master-planned development project called The Exchange at Gwinnett
being developed by Fuqua Development and equity partner Batson Cook
Development Company, which is located at the intersection of I-85
and SR 20 in close proximity to the Mall of Georgia and just twenty
miles northeast of the Company’s Ashford Lane property. The
Exchange at Gwinnett is planned to include more than 1,000
apartment, townhome and senior living units and approximately
465,000 square feet of retail, hotel and office, including newly
opened entertainment anchors Top Golf and Andretti Racing, and a
new 52,000-square-foot Rooms to Go.
The Property is approximately 69,000 square
feet, 98% occupied, anchored by Sprouts Farmers Market and includes
a diversified mix of national and local retailers and restaurants,
including Starbucks, Chipotle Mexican Grill, Thrive Affordable Pet
Care and Five Guys. As part of the Property acquisition, the
Company has a negotiated right of first offer on the retail portion
of Phase II of The Exchange at Gwinnett, which is anticipated to be
37,000 square feet of retail at completion.
The Company purchased the Property using
available cash and availability under the Company’s unsecured
revolving credit facility.
About CTO Realty Growth,
Inc.
CTO Realty Growth, Inc. is a publicly traded
real estate investment trust that owns and operates a portfolio of
high-quality, retail-based properties located primarily in higher
growth markets in the United States. CTO also owns an approximate
16% interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a
publicly traded net lease REIT.
We encourage you to review our most recent
investor presentation, which is available on our website at
www.ctoreit.com.
Safe Harbor
Certain statements contained in this press
release (other than statements of historical fact) are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements can typically be identified by words such as “believe,”
“estimate,” “expect,” “intend,” “anticipate,” “will,” “could,”
“may,” “should,” “plan,” “potential,” “predict,” “forecast,”
“project,” and similar expressions, as well as variations or
negatives of these words.
Although forward-looking statements are made
based upon management’s present expectations and reasonable beliefs
concerning future developments and their potential effect upon the
Company, a number of factors could cause the Company’s actual
results to differ materially from those set forth in the
forward-looking statements. Such factors may include, but are not
limited to: the Company’s ability to remain qualified as a REIT;
the Company’s exposure to U.S. federal and state income tax law
changes, including changes to the REIT requirements; general
adverse economic and real estate conditions; the ultimate
geographic spread, severity and duration of pandemics such as the
recent outbreak of the novel coronavirus, actions that may be taken
by governmental authorities to contain or address the impact of
such pandemics, and the potential negative impacts of such
pandemics on the global economy and the Company’s financial
condition and results of operations; the inability of major tenants
to continue paying their rent or obligations due to bankruptcy,
insolvency or a general downturn in their business; the loss or
failure, or decline in the business or assets of PINE; the
completion of 1031 exchange transactions; the availability of
investment properties that meet the Company’s investment goals and
criteria; the uncertainties associated with obtaining required
governmental permits and satisfying other closing conditions for
planned acquisitions and sales; and the uncertainties and risk
factors discussed in the Company’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2020 and other risks and
uncertainties discussed from time to time in the Company’s filings
with the U.S. Securities and Exchange Commission.
There can be no assurance that future
developments will be in accordance with management’s expectations
or that the effect of future developments on the Company will be
those anticipated by management. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company undertakes
no obligation to update the information contained in this press
release to reflect subsequently occurring events or
circumstances.
Contact: |
Matthew M. Partridge |
|
Senior Vice
President, Chief Financial Officer and Treasurer |
|
(386)
944-5643 |
|
mpartridge@ctoreit.com |
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