DAYTONA BEACH, Fla., Aug. 11, 2020 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE American: CTO) today announced the closing of the sale of approximately 98 acres, for $2.8 million, or approximately $28,500 per acre, to JTD Land Company, LLC, a real estate developer with operations and developments Florida. The Parcel was sold to JTD Land by the venture that was formed in October 2019 when the Company sold its controlling interest in the entity that owned the Company’s remaining land portfolio. The proceeds from the sale of the Parcel will be distributed in accordance with the distribution priority in the applicable operating agreement of the Land JV. CTO has a retained interest in the Land JV.

The Parcel is located on the west side of Interstate 95 on the west side of LPGA Boulevard and just south of Father Lopez Catholic High School. JTD Land intends to develop the Parcel as a 140 unit single-family project accessing LPGA Boulevard.

The Land JV has completed nearly $67 million in land sales since its inception in mid-October 2019 and currently has a pipeline of seven purchase and sale agreements for potential land sales transactions representing approximately $28.5 million in potential proceeds to the Land JV. The 169 acres under contract represents approximately 10% of the total remaining land in the Land JV.

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.

We encourage you to review CTO’s most recent investor presentations which are available on its website at www.ctorealtygrowth.com.