CTO Realty Growth announced the joint venture entity that holds a portfolio of approximately 1,600 acres of land in Daytona Beach, Fla., has entered into a binding contract with Timberline Acquisition Partners, an affiliate of Timberline Real Estate Partners, for the sale of substantially all of its remaining land, including any land that was previously under contract, for $67 million.
“I am excited to announce the contract to sell all of the remaining land in our joint venture, which represents the culmination of a multi-year transformation and monetization of the company’s interests in its various legacy land holdings,” said John Albright, president and CEO of CTO Realty Growth. “By exiting the land transaction and entitlement business, we’ll now be able to fully align company resources toward our core strategy of growing our income property portfolio and maximizing the cash flow of our owned assets. This transaction also unlocks substantial non-income-producing e
