CTO Realty Growth Buys Summit Woods Crossing for $103M
CTO sits 35% above its 52-week low of $15.065.
Summary
CTO Realty Growth is acquiring Summit Woods Crossing, a 545,000-square-foot open-air power center situated on 57 acres in the Kansas City, Missouri metro area, for $103.0 million, or $189 per square foot. The deal expands its retail portfolio and follows the $63.3 million Zona Rosa acquisition announced in September. The company recently closed a $1.0 billion credit facility, providing capacity for this purchase. The acquisition adds scale in the retail property segment.
At the time of this announcement, CTO was trading at $20.29 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $760.6M. The 52-week trading range was $15.07 to $22.71. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.