Benzinga | Dec 22, 2020 04:07PM EST

CTO Realty Growth Announces Sale Of Master Leased Retail Property In Aspen, Colorado

DAYTONA BEACH, Fla., Dec. 22, 2020 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE:CTO) (the "Company") announced today the closing of the sale of a property located in Aspen, Colorado leased to an affiliate of A.G. Hill Partners, a Dallas, Texas based family office (the "Master Tenant"). The Master Tenant exercised their tenant repurchase option at a sales price of $28.5 million.



"We're very pleased with the execution related to this asset sale and we look forward to the opportunity to redeploy the sales proceeds into higher-yielding multi-tenant properties through our diversified investment strategy," noted John P. Albright, President and Chief Executive Officer of CTO Realty Growth. "As we look ahead, our recent REIT conversion and the opportunity to continue to recycle lower-yielding assets into higher-yielding assets strongly positions us to support our dividend in 2021 and beyond."

Proceeds from the sale are expected to be part of Section 1031 like-kind exchanges, and with the closing of this transaction, the Company has approximately $23.5 million of proceeds held in 1031 restricted cash accounts.