DAYTONA BEACH, Fla., Nov. 23, 2020 (GLOBE NEWSWIRE) -- CTO Realty Growth (CTO) announced the closing of the sale of approximately 30 acres for $8.1 million, or $273,000 per acre, to Capstone Collegiate Communities, LLC, a national real estate developer. Capstone intends to develop an estimated 280 multi-family units on the Parcel, which is located at the southwest corner of Williamson Boulevard and Strickland Range Road in Daytona Beach, FL on the east side of I-95.

The Parcel was sold 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. Proceeds from the sale of the Parcel will be distributed under the terms of the Land JV. CTO has a retained interest in the Land JV.

The Land JV has completed over $79 million in land sales since its inception and currently has a pipeline related to the approximately 1,600 remaining acres, which includes approximately 70 acres of potential land sales that total $5.2 million. The capital balance of the Land JV partner following distributions related to the sale of the Parcel is approximately $32.7 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 2.4 million square feet in diversified markets in the United States and an approximately 23.5% interest in Alpine Income Property Trust, Inc. (PINE), a publicly traded net lease real estate investment trust (NYSE: PINE).