Orlando-based CTO Realty Growth acquired the Marketplace at Seminole Towne Center, a 318,000-square-foot multi-tenant retail power center in Orlando, for a purchase price of $68.7 million, equating to approximately $216 per square foot.

CTO Realty Growth’s John P. Albright adds, “Seminole Towne Center provides a stable income stream and growth potential, and due to its prime location and strong community ties, we see attractive potential upside from below-market rents. We believe we acquired the property below replacement cost.”

The property is 98% occupied and is anchored by Burlington, Marshalls, World Market, Petco, Ross Dress for Less, Old Navy, Ulta Beauty, and Five Below. Seminole Towne Center is situated on 41 acres along I-4 and SR 417, just over 20 miles north of downtown Orlando.

The company purchased the property through a 1031 like-kind exchange using $24.1 million of restricted cash generated from the company’s previously completed property dispositions, as well as available cash and draws from the company’s unsecured revolving credit facility.

Source:  ConnectCRE