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

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SOLD
$22,000,000

Florida

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Office
Sold 12/20/2023
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Property Image
SOLD

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

3620 Queen Palm Drive

See Similar Deals
Office
Sold 12/20/2023
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Office
Transaction Type:Sale

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.

Players

John P. Albright
John P. Albright
15 deals$683.8M volume
SELLER

Details

SOLD
IMAGE: John P. Albright DATE: 12/20/2023 ADDRESS: 3620 Queen Palm Drive MARKET: Tampa ASSET TYPE: Office SELLER: CTO Realty Growth, Inc. - John P. Albright (@John.p.Albright) SALE PRICE: $22,000,000 NOTE: CTO Realty Growth, Inc. (NYSE: CTO) has closed the sale of the Sabal Pavilion, a 120,500-square-foot single-tenant office property in Tampa, Florida, for $22.0 million, resulting in a $0.7 million loss on sale. The company has sold nine properties year-to-date, totaling $87.1 million, with gains of $6.3 million, and plans to use the proceeds for a Section 1031 like-kind exchange and to repay part of the outstanding balance under its revolving unsecured credit facility.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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