CTO Realty Growth announces acquisition of retail power center in Florida

CTO Realty Growth announced the acquisition of Marketplace at Seminole Towne Center, a 318,000 square foot multi-tenant retail power center in the Sanford submarket of Orlando, Florida for a purchase price of $68.7 million. The purchase price represents a going-in cap rate within the range of the Company’s current guidance for initial cash yields.”We are pleased to announce the acquisition of Marketplace at Seminole Towne Center, a premier retail destination near our headquarters in Orlando, Florida,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth, Inc. “This dominant, Target shadow-anchored center allows us to increase our exposure to the high-growth Orlando market and existing top tenants such as Ross Dress for Less, TJX Companies, and Burlington. Seminole Towne Center provides a stable income stream and growth potential, and due to its prime location and strong community ties, we see attractive potential upside from below-market rents. We believe we acquired the property below replacement cost and this acquisition aligns with our commitment to expanding our footprint in high-quality, dynamic markets and underscores our dedication to delivering long-term value to our shareholders.”