CTO Realty Growth Announces Acquisition of Grocery-Anchored Retail Property in Atlanta, Georgia for $80.2 Million
11 Juli 2022 - 1:17PM
CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today
announced it has acquired Madison Yards, a 162,500 square foot
property located in the Inman Park/Reynoldstown submarket along the
Memorial Drive corridor of Atlanta, Georgia (the “Property”) for a
purchase price of $80.2 million. The purchase price represents a
going-in cap rate below the range of the Company’s guidance for
initial cash yields.
“We are very excited to be increasing our
presence in Atlanta with our acquisition of Madison Yards,
fortifying it as our portfolio’s largest market and adding to our
grocery-anchored property exposure,” said John P. Albright,
President and Chief Executive Officer of CTO Realty Growth.
“Atlanta has benefitted from sustained population growth and
tremendous corporate investment in recent years, and Madison Yards
is a terrific opportunity for us to invest in a high-quality, newly
built grocery-anchored shopping center in an infill location along
Atlanta’s Beltline at an attractive risk-adjusted yield.”
Madison Yards was constructed in 2019, sits on
more than 10 acres right off Atlanta’s Beltline Eastside Trail and
is conveniently located just two miles from Downtown Atlanta. The
broader market corridor has seen more than 2,000 multi-family units
delivered in the last five years, including Greystar’s Elan Madison
Yards project, and benefits from excellent demographics with a
five-mile population of 374,000 and five-mile average household
incomes of more than $125,000. The Property is 98% occupied,
anchored by Publix and AMC Theatres, includes a well-crafted mix of
retailers and restaurants, including AT&T, First Watch, and
Orangetheory Fitness, and is the Company’s first Publix-anchored
center.
The Property was purchased through a 1031
like-kind exchange using $17.5 million of restricted cash generated
from the Company’s previously completed property dispositions,
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.
About CTO Realty Growth,
Inc.
CTO Realty Growth, Inc. is a publicly traded
real estate investment trust that owns and operates a portfolio of
high-quality, retail-based properties located primarily in higher
growth markets in the United States. CTO also externally manages
and owns a meaningful interest in Alpine Income Property Trust,
Inc. (NYSE: PINE), a publicly traded net lease REIT.
We encourage you to review our most recent
investor presentation and supplemental financial information, which
is available on our website at www.ctoreit.com.
Safe Harbor
Certain statements contained in this press
release (other than statements of historical fact) are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements can typically be identified by words such as “believe,”
“estimate,” “expect,” “intend,” “anticipate,” “will,” “could,”
“may,” “should,” “plan,” “potential,” “predict,” “forecast,”
“project,” and similar expressions, as well as variations or
negatives of these words.
Although forward-looking statements are made
based upon management’s present expectations and reasonable beliefs
concerning future developments and their potential effect upon the
Company, a number of factors could cause the Company’s actual
results to differ materially from those set forth in the
forward-looking statements. Such factors may include, but are not
limited to: the Company’s ability to remain qualified as a REIT;
the Company’s exposure to U.S. federal and state income tax law
changes, including changes to the REIT requirements; general
adverse economic and real estate conditions; macroeconomic and
geopolitical factors, including but not limited to inflationary
pressures, interest rate volatility, global supply chain
disruptions, and ongoing geopolitical war; the ultimate geographic
spread, severity and duration of pandemics such as the COVID-19
Pandemic and its variants, actions that may be taken by
governmental authorities to contain or address the impact of such
pandemics, and the potential negative impacts of such pandemics on
the global economy and the Company’s financial condition and
results of operations; the inability of major tenants to continue
paying their rent or obligations due to bankruptcy, insolvency or a
general downturn in their business; the loss or failure, or decline
in the business or assets of PINE; the completion of 1031 exchange
transactions; the availability of investment properties that meet
the Company’s investment goals and criteria; the uncertainties
associated with obtaining required governmental permits and
satisfying other closing conditions for planned acquisitions and
sales; and the uncertainties and risk factors discussed in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2021 and other risks and uncertainties discussed from
time to time in the Company’s filings with the U.S. Securities and
Exchange Commission.
There can be no assurance that future
developments will be in accordance with management’s expectations
or that the effect of future developments on the Company will be
those anticipated by management. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company undertakes
no obligation to update the information contained in this press
release to reflect subsequently occurring events or
circumstances.
Contact: Matthew M.
PartridgeSenior Vice President, Chief Financial Officer and
Treasurer(386) 944-5643mpartridge@ctoreit.com
Alpine Income Property (NYSE:PINE)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Alpine Income Property (NYSE:PINE)
Historical Stock Chart
Von Mai 2023 bis Mai 2024