CTO Realty Growth acquires Summit Woods Crossing for $103M
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- CTO Realty Growth (NYSE:CTO) acquired the 545,000-square-foot Summit Woods Crossing shopping center in Missouri for $103 million.
- The acquisition expanded the real estate investment trust's year-to-date investment total to $439 million with a blended initial yield of 9%.
- The deal expanded the CTO Realty Growth (NYSE:CTO) portfolio footprint by 30% to 7.1 million square feet.
CTO Realty Growth (NYSE:CTO) acquired Summit Woods Crossing, an open-air shopping center in the Kansas City metropolitan area, for $103 million.
The 545,000-square-foot property occupies 57 acres in Lee’s Summit, Missouri, located roughly twenty miles southeast of Kansas City.
The purchase price equals $189 per square foot.
The property is anchored by national retailers including Lowe’s, Kohl’s, Best Buy, TJ Maxx, and Total Wine.
CTO Realty Growth operates as a publicly traded real estate investment trust targeting retail and mixed-use commercial assets.
The company stated that the transaction was executed below replacement cost with existing tenant rents sitting below prevailing market rates.
