CTO Realty Growth Expands Portfolio with $137.5M Acquisition, Including Lake Brandon Village

CTO Realty Growth, an Orlando-based real estate investment trust, has made a significant expansion into key markets with the acquisition of Lake Brandon Village in Brandon, Florida. This shopping center, located on Causeway Boulevard, was purchased as part of a larger $137.5 million deal that also included properties in Charlotte, North Carolina, and Orlando, Florida. The acquisition aligns with CTO’s strategy of enhancing its portfolio with high-performing, grocery-anchored retail centers in strategically important regions.

Lake Brandon Village is a fully occupied retail hub, boasting prominent tenants like Sprouts, PetSmart, DSW, and Scandinavian Design Furniture. This property is considered a valuable addition to CTO’s portfolio due to its strong tenancy and the potential for future growth through market rent adjustments and maintaining full occupancy. The property, which spans 102,022 square feet, is situated on eight acres of prime real estate just east of Interstate 75, making it a highly attractive asset.

CTO’s CEO, John Albright, emphasized that this acquisition not only strengthens their existing presence in Orlando but also marks their entry into the competitive Charlotte market. The acquisition is part of a broader strategy that includes both expansion and divestment; alongside these new purchases, CTO also sold a property in West Jordan, Utah, for $18 million, showcasing the company’s proactive approach to managing its assets for optimal performance.

The company’s recent financial performance reflects the success of these strategies, with a reported 10.7% increase in revenue for the second quarter compared to the previous year. This acquisition further solidifies CTO’s reputation as a dynamic player in the real estate investment sector, continually seeking to maximize value through strategic acquisitions and portfolio management.