DAYTONA BEACH, Fla., (GLOBE NEWSWIRE) -- CTO Realty Growth announced the closing of the sale of its Chase Bank ground lease located in Jacksonville, Florida, for a sales price of approximately $6.7 million, reflecting an exit cap rate of approximately 4.15%. The property is currently under a 17-year ground lease to Chase Bank. The Company was advised by Stream Capital Partners on the transaction. The proceeds are expected to be part of a future Section 1031 like-kind exchange. The Company’s estimated gain on the sale is approximately $1.9 million, or $0.31 per share, after tax. With the closing of this transaction, the Company has more than $16.0 million of proceeds held in 1031 restricted cash accounts.

Mr. John P. Albright, President and Chief Executive Officer of the Company, stated, “We’re pleased to complete this disposition at a favorable exit cap rate which will provide us with additional capital to reinvest into accretive income producing properties utilizing the tax deferred structure. Year to date, we have completed the sale of three single-tenant net lease properties, generating sales proceeds of nearly $28 million.”

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. is a Florida-based publicly traded real estate company, which owns income properties comprised of approximately 2.3 million square feet in diversified markets in the United States and an approximately 22% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust (NYSE: PINE). Visit our website at www.ctlc.com.