CTO Realty Growth Sells 120,500 SF Single-Tenant Office Property In Tampa For $22M

CTO Realty Growth, Inc. has closed the sale of Sabal Pavilion, a 120,500-square-foot single-tenant office property in Tampa, Florida. The property was sold for $22.0 million.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $22,000,000
• Seller: CTO Realty Growth, Inc. - John P. Albright

This sale marks the ninth property sold by CTO Realty Growth, Inc. this year, bringing the total sales value to $87.1 million. Despite a loss of $0.7 million on the sale of Sabal Pavilion, the company has gained $6.3 million from its overall sales. CTO Realty Growth, Inc. plans to utilize the proceeds for a Section 1031 like-kind exchange and to repay a portion of the outstanding balance under its revolving unsecured credit facility.