DAYTONA BEACH, Fla., Dec. 22, 2020 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE American: CTO) announced today the closing of the sale of a property located in Aspen, Colorado leased to an affiliate of A.G. Hill Partners, a Dallas, Texas based family office. The Master Tenant exercised their tenant repurchase option at a sales price of $28.5 million.

“We’re very pleased with the execution related to this asset sale and we look forward to the opportunity to redeploy the sales proceeds into higher-yielding multi-tenant properties through our diversified investment strategy,” noted John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “As we look ahead, our recent REIT conversion and the opportunity to continue to recycle lower-yielding assets into higher-yielding assets strongly positions us to support our dividend in 2021 and beyond.”

Proceeds from the sale are expected to be part of Section 1031 like-kind exchanges, and with the closing of this transaction, the Company has approximately $23.5 million of proceeds held in 1031 restricted cash accounts.

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. (NYSE American: CTO) is a publicly traded diversified real estate investment trust that owns and operates a diversified portfolio of income properties comprising approximately 2.4 million square feet in the United States. CTO also owns an approximate 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust.

We encourage you to review our most recent investor presentation, which is available on our website at www.ctorealtygrowth.com.