CTO Realty Growth Announces Sale of Single Tenant Property in Austin, Texas and Summary of 2020 Transaction Activity – GlobeNewswire
DAYTONA BEACH, Fla., Dec. 29, 2020 (GLOBE NEWSWIRE) — CTO Realty Growth (NYSE American: CTO) (the “Company”) announced today the closing of the sale of a property located in Austin, Texas leased to Outback Steakhouse and a summary of its 2020 transaction activity.
“We’re thrilled to be finishing a record year of transaction activity on such a positive note with the sale of the property in Austin, Texas,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “The proceeds generated by these most recent asset sales will help fuel the execution of our investment strategy in 2021, where we’ll continue to focus on building a best-in-class diversified real estate portfolio that delivers meaningful cash flow and supports our strong dividend.”
The property located in Austin, Texas leased to Outback Steakhouse was sold on December 29, 2020 for approximately $3.4 million, representing an in-place cap rate of 5.8%. Proceeds from the sale are expected to be part of Section 1031 like-kind exchanges, and with the closing of this transaction, the Company has approximately $26.7 million of proceeds held in 1031 restricted cash accounts.
During 2020, the Company completed the acquisition of four income properties for an aggregate purchase price of approximately $185 million, at a weighted average investment yield at the time of acquisition of 7.8%.
Additionally, the Company completed the sale of 12 properties for an aggregate sales price of approximately $86.5 million,