CTO Picks Up Discounted Charlotte Retail Center

CTO Realty Growth Inc. acquired three open-air shopping centers last week for $137 million. Two were in Florida and one in Charlotte.

CTO purchased the Carolina Pavilion shopping center in south Charlotte for $94 million. The deal includes 700,529 square feet of retail space that is nearly fully leased at 9541 South Blvd. The asset was acquired from Site Centers Corp. The Charlotte Business Journal reports Site Centers bought Carolina Pavilion in 2012 for $110 million.

The transaction included all of Carolina Pavilion except the Target store, which is owned by its occupant. The rest of Carolina Pavilion includes tenants such as Nordstrom Rack, Ross Dress For Less, Floor & Decor, Old Navy and others. ConnectCRE reported on the Florida Centers last week.

CTO Realty Growth is a publicly traded real estate investment trust that owns and operates a portfolio of retail-based properties primarily in higher-growth markets in the United States.