245 Riverside Ave
Update
09/27/22
CTO Realty Growth Announces Sale of Three Properties in Jacksonville, Florida For $34.9 Million
CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced the closing of the sale of three properties located in Jacksonville, Florida for a combined sales price $34.9 million, representing a weighted average exit cap rate of 6.1% and an estimated aggregate gain of $3.9 million. The properties sold include two single tenant retail properties leased to Firebirds Wood Fired Grill and Chuy’s, and 245 Riverside, the Company’s sole remaining multi-tenant office property.
“We’re very pleased with the attractive pricing we received on these asset sales and look forward to accretively reinvesting the proceeds into higher-yielding retail acquisition opportunities that provide more long-term cash flow growth and further strengthen our high-quality, retail-focused portfolio,” John P. Albright, President and Chief Executive Officer of CTO Realty Growth.
The Company expects to utilize the sales proceeds as part of a Section 1031 like-kind exchange. With the closing of this transaction, the Company has approximately $35.0 million of proceeds held in 1031 restricted cash accounts.
