DAYTONA BEACH, Fla., July 23, 2020 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE American: CTO) today announced the closing of the sale of its Wawa ground lease located in Jacksonville, Florida, for a sales price of approximately $7.1 million, reflecting an exit cap rate of approximately 4.9%. The property is currently under a 17-year ground lease to Wawa. 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 $246,000, or $0.04 per share, after tax. With the closing of this transaction, the Company has over $34 million of proceeds held in 1031 restricted cash accounts. Year to date, the Company has completed the sale of five single-tenant net lease properties and one multi-tenant retail property, for an aggregate sales price of more than $46 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 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust (NYSE: PINE). Visit our website at www.ctorealtygrowth.com.