CTO Realty Growth sells Reston Metro Center II for $18.5m
CTO Realty Growth, Inc. has announced the closing of the sale of Reston Metro Center II, a 64,319-square-foot single-tenant office property located in Reston, Va., and leased to General Dynamics. The property was sold for $18.5 million, representing an exit cap rate of 7.2 percent and generating a gain on sale of approximately $1.3 million.
“This sale continues our progress of accretively recycling noncore assets into core retail shopping center properties in business-friendly growth markets,” said John P. Albright, president and CEO of CTO Realty Growth, Inc.
CTO expects to utilize the sales proceeds as part of a Section 1031 like-kind exchange. Following the completion of the 1031 exchange, the c