CTO Realty Growth Announces Sale Of Mixed-Use Property In Santa Fe, New Mexico For $20M
Portfolio Pulse from Benzinga Newsdesk
CTO Realty Growth, Inc. (NYSE:CTO) announced the sale of a mixed-use property in Santa Fe, New Mexico for $20M, generating a $4.6M gain. The proceeds are intended for a core power center acquisition in Orlando and to repay part of a credit facility. The sale is part of a Section 1031 like-kind exchange.
March 19, 2024 | 8:25 pm
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POSITIVE IMPACT
CTO Realty Growth sold a property for $20M, planning to use proceeds for an Orlando acquisition and to repay credit, aligning with strategic portfolio optimization.
The sale of the Santa Fe property for $20M and the subsequent gain of $4.6M is a positive development for CTO Realty Growth, indicating effective asset management and strategic portfolio optimization. The intention to use the proceeds for acquiring a core power center in Orlando and repaying part of a credit facility suggests prudent financial management and investment in growth opportunities. This could be viewed positively by investors, potentially leading to a short-term positive impact on CTO's stock price.
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