DAYTONA BEACH, Fla., (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE American: CTO) today announced the closing of the sale of its two-tenant, non-gas 7-Eleven property located in Dallas, Texas, for a sales price of approximately $2.4 million, reflecting an exit cap rate of approximately 6.08%.

The Company also announced the closing of the sale of its Bank of America ground lease located in Monterey, California, for a sales price of approximately $9.0 million, reflecting an exit cap rate of approximately 3.28%. The property is currently under a 10-year ground lease to Bank of America.

The Company’s estimated total gain on the sale for both dispositions is approximately $3.8 million, or $0.62 per share, after tax. The proceeds from both sales are expected to be part of a future Section 1031 like-kind exchange. With the closing of these transactions, the Company has more than $27 million of proceeds held in 1031 restricted cash accounts.

Mr. John P. Albright, President and Chief Executive Officer of the Company, stated, “We continue to complete dispositions at favorable exit cap rates and anticipate reinvesting at accretive returns. Year to date, we have completed the sale of five single-tenant net lease properties, generating sales proceeds of approximately $39 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 2.2 million square feet in diversified markets in the United States and an approximately 23% 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.