CTO Realty Growth acquires property in Atlanta for $96M
Dec. 30, 2022 7:36 AM ETCTO Realty Growth, Inc. (CTO)By: Gaurav Batavia, SA News Editor13 Comments
- CTO Realty Growth (NYSE:CTO) has acquired The Collection at Forsyth, a 560,000 square foot lifestyle, mixed-use property in the Forsyth County submarket of Atlanta, Georgia for $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.
- Source: Press Release