CTO Realty Growth acquires retail property in Texas for $39.1M
Mar. 03, 2022 4:29 PM ETCTOBy: Jessica Kuruthukulangara, SA News Editor3 Comments
- CTO Realty Growth (NYSE:CTO) acquired Price Plaza Shopping Center, a 205K sq. ft. multi-tenant retail property in the Katy submarket of Houston, Texas, for $39.1M, or $190 per sq. ft.
- The purchase price represents a going-in cap rate above the range of CTO's guidance for initial investment cash yields.
- As part of the acquisition, CTO assumed an existing $17.8M mortgage secured by the property, which bears a fixed interest rate of 4.06%. The loan matures in Aug. 2026.
- The property was accretively purchased through a 1031 like-kind exchange using restricted cash generated from CTO's prior property dispositions.