### CTO Realty Growth Acquires Ashley Park for $79.8 Million
CTO Realty Growth has purchased Ashley Park, a 559,000-square-foot retail center in Newnan, Georgia, for $79.8 million. The property was previously owned by Apollo Global Management, which acquired it for $89.8 million in 2015, according to CommercialEdge data.
CTO Realty Growth’s CEO, John Albright, noted that the acquisition was made below replacement costs. He also highlighted the potential for strategic lease-up due to the property’s below-market rents.
Ashley Park spans 60 acres at 354 Newnan Crossing Bypass, located 38 miles southwest of downtown Atlanta. The shopping center attracts approximately six million visits annually. Major tenants include Dick’s Sporting Goods, Best Buy, Barnes & Noble, Regal Cinemas, and Dillard’s. At the time of sale, the property was 93% leased.
CTO Realty Growth is a publicly traded real estate investment trust (REIT) that owns and operates retail-focused properties in high-growth markets across the United States.
