CTO Realty Progress has bought Ashley Park, a 559,000-square-foot retail heart in Newnan, Ga., for $79.8 million. The earlier proprietor was Apollo World Administration, which had purchased it for $89.8 million in 2015, in line with CommercialEdge info.
CTO acquired Ashley Park under substitute prices, President & CEO John Albright stated in ready remarks. Having below-market rents, the asset gives a possibility for strategic lease-up, he added.
Ashley Park occupies 60 acres at 354 Newnan Crossing Bypass, close to the intersection of Interstate 85 and Georgia State Route 34, about 38 miles southwest of downtown Atlanta. The procuring heart receives roughly 6 million visits per yr.
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Dick’s Sporting Items, Greatest Purchase, Barnes & Noble, Regal and Dillard’s anchor the property, which was 93 % leased on the time of sale. Dick’s Sporting Items can be CTO’s fifth-largest tenant.
Better Atlanta’s retail emptiness fee stood at 3.7 % in December, 50 foundation factors under the five-year common, in line with a report by Colliers. A scarcity of provide—solely 544,000 sq. ft of product have been underway in December—and a number of other retail chain closures contributed to the tight index.
With this buy, CTO’s portfolio reached 5.2 million sq. ft, marking a 12 % progress. Final yr, the corporate expanded its footprint by 1.3 million sq. ft throughout six retail properties and one vacant parcel.
Crucial deal closed in August, when the agency bought three open-air procuring facilities totaling roughly 1.2 million sq. ft for $137.5 million. The properties are in Charlotte, N.C., Tampa, Fla., and Orlando, Fla.
