CTO Realty Growth Announces Sale of Three Single Tenant Outparcels in Chandler, Arizona For $9.2M
Portfolio Pulse from Benzinga Newsdesk
CTO Realty Growth, Inc. (NYSE:CTO) has sold three single tenant outparcels in Chandler, Arizona for $9.2 million. These outparcels, leased to Olive Garden, Old Chicago Pizza + Taproom, and Mattress Firm, were part of CTO's Crossroads Towne Center property and the sale resulted in a 5.9% cap rate and approximately $3.0 million in gains.
December 04, 2023 | 12:50 pm
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POSITIVE IMPACT
CTO Realty Growth, Inc. has successfully divested three outparcels, resulting in a 5.9% cap rate and $3.0 million in gains, which may positively impact the company's financials and investor sentiment.
The sale of the outparcels is directly related to CTO and has resulted in significant gains, which is likely to be viewed positively by investors. The cap rate indicates a solid return on investment, and the realized gains could contribute to improved financial metrics for the company. This news is likely to have a positive short-term impact on CTO's stock price, as it reflects effective asset management and profitability from the sale.
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IMPORTANCE 75
RELEVANCE 100