DAYTONA BEACH, Fla., Sept. 28, 2020 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE American: CTO) today announced the acquisition of an approximately 108,000 square foot retail property in Hialeah, Florida for $21 million, or approximately $194 per square foot. The Property is situated on approximately 8 acres and is master-leased to a national retail developer. The property, which serves a 3-mile population of over 225,000, is occupied by Aldi, Ross Dress for Less (S&P rated: BBB+), Bed, Bath & Beyond and dd’s Discount (S&P rated: BBB+). The 25-year master lease has an initial investment yield within the range of the 2020 Guidance and includes annual rental rate escalations as well as certain future purchase rights by the Master Tenant. The transaction was purchased through a 1031 like-kind exchange using the remaining approximately $12 million of the Company’s restricted cash generated from previously announced property dispositions with the balance of the acquisition funded with the Company’s line of credit.

The Company has completed over $185 million of income property acquisitions in 2020 at a weighted average cap rate of approximately 7.8%.

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 2.4 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.