CTO Realty Growth, Inc. announced the acquisition of Granada Plaza, a 74,000 square-foot grocery-anchored shopping center in the Tampa, Florida market, for $16.8 million. This acquisition marks the company's second grocery-anchored property in the Tampa area.
The addition of Granada Plaza aligns with CTO's strategy to expand its portfolio of high-quality, open-air shopping centers in the higher growth Southeast and Southwest markets of the United States. Grocery-anchored centers are often sought after for their stability and resilience.
This investment enhances CTO's presence in a key growth market and contributes to its focus on properties that generate stable cash flows. The acquisition was completed prior to closing costs and adjustments.
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