CTO Realty Growth, Inc. announced the acquisition of Ashley Park, a 559,000-square-foot, 60-acre lifestyle center in the Newnan submarket of Atlanta, Georgia, for a purchase price of $79.8 million. This acquisition increases the company's total portfolio by 12%, bringing it to 5.2 million square feet.
The purchase price represents a going-in cap rate near the high end of the company’s current guidance range for initial cash yields. Ashley Park is currently 93% occupied and anchored by major retailers including Dick’s Sporting Goods, Best Buy, Barnes & Noble, Regal, and Dillard’s.
This strategic acquisition enhances CTO's presence in Atlanta, its largest market, and is expected to unlock long-term value through strategic lease-up and mark-to-market rent opportunities due to existing below-market rents. Dick's Sporting Goods will become the company's fifth largest tenant.
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