Benzinga | Jul 23, 2020 04:20PM EDT

CTO Realty Growth Announces Sale Of Wawa Ground Lease In Jacksonville, Florida For $7.1M

DAYTONA BEACH, Fla., July 23, 2020 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE:CTO) (the "Company") today announced the closing of the sale of its Wawa ground lease located in Jacksonville, Florida, for a sales price of approximately $7.1 million, reflecting an exit cap rate of approximately 4.9%. The property is currently under a 17-year ground lease to Wawa. The proceeds are expected to be part of a future Section 1031 like-kind exchange. The Company's estimated gain on the sale is approximately $246,000, or $0.04 per share, after tax. With the closing of this transaction, the Company has over $34 million of proceeds held in 1031 restricted cash accounts. Year to date, the Company has completed the sale of five single-tenant net lease properties and one multi-tenant retail property, for an aggregate sales price of more than $46 million.