CTO Realty Growth has acquired Marketplace at Seminole Towne Center, a 318,000 square foot multi-tenant retail power center in the Sanford submarket of Orlando, Fla., for $68.7 million.
“This dominant, Target shadow-anchored center allows us to increase our exposure to the high-growth Orlando market and existing top tenants such as Ross Dress for Less, TJX Companies, and Burlington,” said John P. Albright, President and CEO in prepared remarks.
He added that the center has growth potential and the firm sees “attractive potential upside from below-market rents” especially as the property was at below replacement cost.
Seminole Towne Center is 98% occupied and is anchored by Burlington, Marshalls, World Market, Petco, Ross Dress for Less, Old Navy, Ulta Beauty, and Five Below.
CTO Realty purchased the center through a 1031 like-kind exchange using $24.1 million of restricted cash generated from its property dispositions, as well as available cash and draws from the company’s unsecured revolving credit facility. A portion of the acquisition was structured as a reverse like-kind exchange in anticipation of possible future income property dispositions.
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