CTO Realty Growth (CTO) Acquires Beaver Creek Crossings in Raleigh, NC for $70.5M
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CTO Realty Growth, Inc. (NYSE: CTO) today announced the acquisition of Beaver Creek Crossings, a 320,600 square foot multi-tenant retail property in the Apex submarket of Raleigh, North Carolina (the “Property”) for $70.5 million. The purchase price represents a going-in cap rate within the range of the Company’s guidance for initial cash yields.
“We’re excited to be reentering the Raleigh, North Carolina market with our acquisition of Beaver Creek Crossings,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “Raleigh has experienced explosive growth in recent years as it benefits from unprecedented corporate investment, an abundance of well-performing technology and life science companies, a high quality of life, and a highly educated workforce. Coupled with these market dynamics, the property’s strong tenant lineup, centralized location in one of the area’s most trafficked retail corridors, and future outparcel development upside makes Beaver Creek Crossings a high-quality addition to our growing portfolio. This acquisition completes the accretive redeployment of our office disposition proceeds and further positions our portfolio into high-quality, multi-tenanted retail and mixed-use properties.”
Beaver Creek Crossings was constructed in 2005 and is situated on more than 51 acres. It is 15 minutes south of Research Triangle Park, the largest research park in the United States that houses hundreds of science and technology companies, government agencies, academic institutions, startups and nonprofits, including regional campuses for Apple and Google. The Property, which is 97% occupied and benefits from strong demographics with a three-mile population of approximately 73,000 and average household incomes of nearly $115,000, is anchored by TJ-Maxx, HomeGoods, Dick’s Sporting Goods, Regal Cinemas, Old Navy and Ross Dress for Less, includes four undeveloped outparcel pads that represent future development opportunities and is the Company’s first TJ Maxx/HomeGoods anchored center.
The Company purchased the Property through a 1031 like-kind exchange using $66.7 million of restricted cash generated from the Company’s previously completed property dispositions, available cash, and draws from the Company’s unsecured revolving credit facility.
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