CTO Realty Growth Sells Community Shopping Center in Texas.
MANews-(C)2009-2023
Florida, US-based real estate investment trust CTO Realty Growth, Inc. (NYSE: CTO) has closed the sale of Westcliff Shopping Center, a 134,750 square foot single community shopping center located in Fort Worth, Texas, the company said.
The property was sold for USD 14.8 m, representing an exit cap rate of 5.2% and generating a loss on sale of approximately USD 0.9m.
The company expects to utilize the sales proceeds as part of a Section 1031 like-kind exchange.
Following the completion of the 1031 Exchange, the company intends to use available proceeds to repay a portion of the outstanding balance under its revolving unsecured credit facility.
With the closing of this transaction, the company has...
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