CTO Realty Growth completes $93.85M acquisition of West Broad Village in Richmond, VA

CTO Realty Growth, Inc.

Acquired a grocery-anchored mixed-use asset in Richmond, VA for $93.85M.
Funded via cash, 1031 exchange proceeds, and revolving credit facility.
Historical lease revenue: $8.1M in FY2021, $4.3M in 1H2022.
Pro forma net income per share improved from $(0.16) to $0.13 for 1H2022.
Also acquired Madison Yards (Atlanta, $80.2M) in July 2022.

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