CTO Realty acquires Madison Yards retail center in Atlanta for $80.2M

CTO Realty Growth, Inc.

Acquired Madison Yards retail center in Atlanta for $80.2M; funded with cash, 1031 exchange proceeds ($17.5M), and credit facility draw ($54.5M).
Property generated $6.4M lease revenue and $5.0M net over direct costs in 2021; pro forma effect adds ~$2.0M to annual net income.
Two tenants represent ~46% of base rent, indicating tenant concentration.
Acquisition increases total assets to ~$811M and long-term debt to ~$353M (pro forma as of March 31, 2022).

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