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CTO Realty Growth acquires retail power center in Florida for $68.7 mln (NYSE:CTO)
- CTO Realty Growth (NYSE:CTO) Thursday announced the acquisition of Marketplace at Seminole Towne Center, a 318,000 square foot multi-tenant retail power center in the Sanford submarket of Orlando, Florida, for a purchase price of $68.7 million.
- The purchase price represents a going-in cap rate within the range of the company’s current guidance for initial cash yields.
- The company purchased the Property through a 1031 like-kind exchange using $24.1 million of restricted cash generated from the company’s previously completed property dispositions, as well as available cash and draws from the company’s unsecured revolving credit facility.
- Source: Press Release
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