Last week, CTO Realty Growth Inc. made a significant acquisition by purchasing three open-air shopping centers for a total of $137 million. Two of the centers are located in Florida and one is in Charlotte.
One of the properties acquired was Carolina Pavilion, situated in south Charlotte, which was purchased for $94 million. The center spans over 700,529 square feet and is almost fully leased with only 9541 South Blvd remaining available. This property was previously owned by Site Centers Corp., who bought it back in 2012 for $110 million according to reports from the Charlotte Business Journal.
The deal included all areas of Carolina Pavilion except for its Target store as it is owned by its occupant. The rest of the center boasts well-known tenants such as Nordstrom Rack, Ross Dress For Less, Floor & Decor and Old Navy among others. ConnectCRE also reported on CTO’s recent acquisitions in Florida last week.
CTO Realty Growth Inc., a publicly traded real estate investment trust specializing primarily in retail-based properties across high-growth markets within the United States completed this transaction.
The post highlights how CTO Realty Growth Inc., recently acquired three open-air shopping centers worth $137 million last week – two being located within Florida while one being situated at Charlotte – showcasing their strong presence across key growth markets nationwide.
Among these purchases include Carolina Pavilion at south Charlotte that costed them around an estimated amounting to about USD94 Million; covering nearly more than seven hundred thousand square feet area along with ninety-five forty-one South Boulevard that has been completely occupied so far since then; originally belonging under ownerships held through Site Centers Corp.; having initially procured this asset back during year twenty-twelve costing them around USD110 Million based on reports published via renowned media outlet like ‘Charlotte Business Journal’.
This particular agreement comprised every single aspect related towards entire portion excluding solely Target Store (as currently controlled through respective tenant); while rest of Carolina Pavilion’s tenants include popular brands like Nordstrom Rack, Ross Dress For Less, Floor & Decor and Old Navy among others. In addition to this; ConnectCRE also reported on CTO Realty Growth Inc.’s recent acquisitions within Florida last week.
CTO Realty Growth Inc., a publicly traded real estate investment trust that specializes primarily in retail-based properties across high-growth markets nationwide successfully completed this transaction as per sources.
