CTO Realty Growth Announces Acquisition of Lifestyle Center in Atlanta, Georgia for $79.8 Million

Core Viewpoint - CTO Realty Growth, Inc. has announced the acquisition of Ashley Park, a 559,000-square-foot lifestyle center in Atlanta, Georgia, for $79.8 million, enhancing its portfolio and operational synergies in key markets [1][2]. Group 1: Acquisition Details - The acquisition price of$79.8 million reflects a going-in cap rate near the high end of the company's current guidance range for initial cash yields [1]. - The acquisition increases the total portfolio by 12%, bringing it to 5.2 million square feet [1]. - Ashley Park is currently 93% occupied and is anchored by major retailers including Dick's Sporting Goods, Best Buy, Barnes & Noble, Regal, and Dillard's [2]. Group 2: Strategic Importance - The acquisition enhances the company's portfolio by adding a lifestyle shopping center in Atlanta, its largest market, and leverages local personnel for operational synergies [2]. - Approximately 82% of the company's annual base rent is now derived from assets located in Georgia, Florida, Texas, or North Carolina [2]. - Dick's Sporting Goods becomes the company's fifth largest tenant following this acquisition [2]. Group 3: Long-term Value Potential - The property was acquired below replacement cost with below-market rents, presenting an opportunity to unlock long-term value through strategic lease-up and mark-to-market rent opportunities [2].