CTO Realty Growth, Inc. (NYSE: CTO) shares slightly ahead Wednesday, on the announcement of the closing of the sale of Eastern Commons, a 129,600-square-foot community shopping center located in Henderson, Nevada. The Property was sold for $18.2 million, representing an exit cap rate of 7.4% and generating a gain on sale of approximately $1.7 million.
“This transaction, which was our sole property in the Las Vegas market, was another positive step in our efforts to sell our smaller non-core properties. Similar to our other recent dispositions, we are selling non-core properties to pay down debt while we wait for larger format opportunities at attractive values,” said CEO John P. Albright.
The Company anticipates utilizing the sales proceeds as part of a Section 1031 like-kind exchange. Following the completion of the 1031 Exchange, the Company intends to use available proceeds to repay a portion of the outstanding balance under its revolving unsecured credit facility. With the closing of this transaction, the Company has approximately $53.7 million of proceeds held in 1031 restricted cash accounts.
CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States.
CTO shares prospered a dime to $16.56.
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