CTO Realty closes sale of Santa Fe mixed-use property for gain of $4.6M

CTO Realty Growth 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 was sold for approximately $20M 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 $4.6M. “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.”