DAYTONA BEACH, Fla., Sept. 10, 2020 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE American: CTO) (the “Company”) today announced the closing of the sale of a property located in Jacksonville, Florida leased to PDQ (“PDQ”), for a sales price of approximately $2.5 million, reflecting an exit cap rate of approximately 6.1%. The property is currently under a ground lease to PDQ with 6.9 years remaining on the initial term of the lease. The proceeds are expected to be part of a future Section 1031 like-kind exchange. The Company estimates a gain on the sale of approximately $128,000, or $0.02 per share, after tax. Including this transaction, the Company has over $12 million of proceeds held in 1031 restricted cash accounts. Year to date, the Company has completed the sale of seven single-tenant net lease properties and one multi-tenant retail property, for an aggregate sales price of more than $51 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 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.