CTO Realty Growth announced the acquisition of Marketplace at Seminole Towne Center, a 318,000-square-foot multi-tenant retail power center in the Sanford submarket of Orlando for a purchase price of $68.7 million. The purchase price represents a going-in cap rate within the range of the company’s current guidance for initial cash yields.
"We are pleased to announce the acquisition of Marketplace at Seminole Towne Center, a premier retail destination near our headquarters in Orlando, Florida," said John Albright, president and CEO at CTO Realty Growth. "This dominant, Target shadow-anchored center allows us to increase our exposure to the high-growth Orlando market and existing top tenants such as Ross Dress for Less, TJX Companies and Burlington. Seminole Towne Center provides a stable income stream and growth potential, and due to its prime location and strong community ties, we see attractive potential upside from below-market rents. We believe we acquired the property b
