CTO Realty Growth acquires Summit Woods Crossing power center for $103 million
CTO•CTO Realty Growth acquired Summit Woods Crossing, a 545,000-square-foot power center in the Kansas City metro area, for $103 million. The deal brings its year-to-date investment volume to $439 million and its portfolio to 7.1 million square feet.
1. Acquisition details
CTO Realty Growth acquired the 545,000-square-foot open-air power center in Lee’s Summit, Missouri, for $103 million, or $189 per square foot. The property covers 57 acres.
2. Portfolio growth
Including property and structured investments, CTO’s year-to-date investment volume reached $439 million at a blended initial cash yield of about 9%. The transaction increased its portfolio size about 30% this year, to 7.1 million square feet from 5.5 million square feet.
