DAYTONA BEACH, Fla., Aug. 05, 2020 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE American: CTO) announced the closing of the sale of a property located in Austin, Texas leased to Carrabba’s Italian Grill for a sales price of approximately $2.5 million, reflecting an exit cap rate of approximately 6.4%. The property is currently under an absolute net lease to Carrabba’s with approximately 11 years remaining on the initial term of the lease. The proceeds are expected to be part of a future Section 1031 like-kind exchange. The Company estimates a loss on the sale of approximately $94,000, or $0.02 per share, after tax. With the closing of this transaction, the Company has over $36 million of proceeds held in 1031 restricted cash accounts. Year to date, the Company has completed the sale of six single-tenant net lease properties and one multi-tenant retail property, for an aggregate sales price of more than $49 million.

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. is a Florida-based publicly traded real estate company, which owns income properties comprised of approximately 2.2 million square feet in diversified markets in the United States and an approximately 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust (NYSE: PINE). Visit our website at www.ctorealtygrowth.com.