CTO Realty Growth Inc. (NYSE: CTO), the owner and operator of open-air shopping centers in the higher growth Southeast and Southwest markets, has acquired Pompano Citi Centre, an open-air retail center located on 35 acres in the Pompano Beach submarket of Fort Lauderdale, Florida, for $65.2 million.
The property consists of 509,000 square feet of operating space, currently 92% occupied, along with 62,000 square feet of unfinished shell space primarily on the second level presenting future leasing upside. Pompano Citi Centre is anchored by Burlington, TJ Maxx, Nordstrom Rack, Ross Dress for Less, and JC Penney.
Cushman & Wakefield served as the exclusive advisor to the seller in this transaction, and Avenue Real Estate Partners has been engaged to manage leasing for the property on behalf of the company.
“This acquisition expands our Florida footprint and marks our first entry into the Fort Lauderdale market,” said John P. Albright, president and CEO of CTO Realty Growth, Inc. “We see an attractive opportunity to create long-term value through strategic mark-to-market rent opportunities and incremental leasing. Further, this transaction is accretive to an anticipated property disposition and brings the year-to-date investment volume to $149.9 million.”
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