CTO Pays $137M for Three Southeast Shopping Centers
The moves increases the company's property portfolio by 19 percent, in terms of square feet.
CTO Realty Growth, Inc. has acquired three shopping centers in the Southeast for a total of $137.5 million.
One is located in Charlotte, North Carolina, called the Carolina Pavilion. Another, named Millenia Crossing, is in Orlando, Florida, and the third, Lake Brandon Village, is in Tampa Bay, Florida.
The Carolina Pavilion measures about 691,000 square feet and sits on 72 acres. The shopping center carries an occupancy rate of 93 percent, with notable brands including AMC, Nordstrom Rack, Ross and Burlington, Floor & Décor, and Target.
Millenia Crossing is 96 percent occupied and sits next to the Mall at Millenia. Also, the property measures roughly 100,000 square feet on 11 acres and is headlined by Nordstrom Rack.
Lake Brandon Village contains full occupancy, with major tenants such as Lowe’s, Sprouts, PetSmart, DSW, and Scandinavian Design Furniture. The Tampa shopping center spans about 102,000 square feet on eight acres. The trio of additions increases CTO’s property portfolio by roughly 19 percent in terms of square feet, according to the company. When considering annual base rent, the number goes up by only 14 percent.
The Tampa Bay and Orlando acquisitions boost the real estate investment trust’s presence in Florida. According to the company’s property portfolio, it operates Crabby’s Oceanside, and Landshark Bar & Grill – both in Daytona Beach.
Additionally, CTO announced that it closed its $18 million purchase of Jordan Landing in West Jordan, Utah. Year-to-date, the firm has completed $230 million worth of acquisitions and $38 million in dispositions.
“Consistent with our investment strategy, Carolina Pavilion provides near-term value-add opportunities including ability to add strong tenancy, bringing rents to market, and increasing occupancy,” John P. Albright, president and CEO of CTO, said in a statement.
“Millenia Crossing is situated in the dominant retail area of Orlando and Lake Brandon Village adds another grocery anchored property to our portfolio. Furthermore, with the sale of Jordan Landing, all of our properties are now located in the Southeast and Southwest markets of the United States.”