CTO Realty Growth acquires The Collection at Forsyth for $96M

CTO Realty Growth announced it has acquired The Collection at Forsyth, a 560,000 square foot lifestyle, mixed-use property in the Forsyth County submarket of Atlanta, Georgia for a purchase price of $96M. The purchase price represents a going-in cap rate above the range of the Company’s current guidance for initial cash yields. The Property is just over 80% leased and serves an expansive trade area with highly desirable demographics, including a 5-mile population over 146,000 people with 5-mile average household incomes of more than $172,000. The Property was purchased using proceeds from the Company’s recent equity offering, available unrestricted cash, and draws from the Company’s unsecured revolving credit facility. The acquisition was structured as a reverse like-kind exchange in order to account for possible future dispositions of income properties by the Company.