WINTER PARK, Fla. - CTO Realty Growth, Inc. (NYSE: CTO), a real estate investment trust, today announced substantial leasing activity for the current year. The company has signed 16 leases covering 112,480 square feet, with an average cash base rent of $27.49 per square foot. This marks a significant increase when compared to a previous average cash base rent of $14.06 per square foot.
Among the leases signed, CTO Realty Growth executed a roughly 45,000 square foot lease with a regional fitness tenant, taking over the space previously occupied by Regal Cinemas at Beaver Creek Crossing in Apex, NC.
Additionally, the company has secured new leases and extensions with notable tenants including Altar’d State, Bath & Body Works (NYSE:BBWI), Occidental Petroleum (NYSE:OXY), Total Wine & More, and Sunglass Hut.
The year has also seen the opening of several new establishments in CTO's properties, such as Politan Row and Culinary Dropout at Ashford (NYSE:AINC) Lane in Atlanta, Georgia; Ainsworth at Shops of Legacy in Plano, Texas; and Fogo de Chão at West Broad Village in Richmond, VA.
CTO Realty Growth, which primarily operates retail-based properties in high-growth markets in the United States, also holds a significant interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a net lease REIT.
The company's press release did include forward-looking statements, which are based on management's current expectations and beliefs about future developments. However, these are subject to various risks, including economic conditions, changes in tax laws, and the potential impacts of pandemics such as COVID-19 on the economy and the company's financial status.
Investors are reminded that this information is based on a press release statement from CTO Realty Growth, Inc. and should consider the various risks and uncertainties that could affect the company's actual results, which are detailed in its filings with the U.S. Securities and Exchange Commission.
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