CTO Realty Growth Announces Acquisition of Grocery-Anchored Retail Property in Atlanta, Georgia for $80.2 Million

WINTER PARK, Fla., July 11, 2022 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE:CTO ) (the "Company" or "CTO") today announced it has acquired Madison Yards, a 162,500 square foot property located in the Inman Park/Reynoldstown submarket along the Memorial Drive corridor of Atlanta, Georgia (the "Property") for a purchase price of $80.2 million. The purchase price represents a going-in cap rate below the range of the Company's guidance for initial cash yields. "We are very excited to be increasing our presence in Atlanta with our acquisition of Madison Yards, fortifying it as our portfolio's largest market and adding to our grocery-anchored property exposure," said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. "Atlanta has benefitted from sustained population growth and tremendous corporate investment in recent years, and Madison Yards is a terrific opportunity for us to invest in a high-quality, newly built grocery-anchored shopping center in an infill location along Atlanta's Beltline at an attractive risk-adjusted yield." Madison Yards was constructed in 2019, sits on more than 10 acres right off Atlanta's Beltline Eastside Trail and is conveniently located just two miles from Downtown Atlanta. The broader market corridor has seen more than 2,000 multi-family units delivered in the last five years, including Greystar's Elan Madison Yards project, and benefits from excellent demographics with a five-mile population of 374,000 and five-mile average household incomes of more than $125,000. The Property is 98% occupied, anchored by Publix and AMC Theatres, includes a well-crafted mix of retailers and restaurants, including AT&T, First Watch, and Orangetheory ... Full story available on Benzinga.com