CTO Realty Growth Invest $30M on Preferred Investment in Watters Creek in Allen, TX
CTO Realty Growth, Inc. has entered into a preferred equity agreement to provide $30 million of funding towards the acquisition of the 458,000-square-foot Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property in Allen, TX.
The three-year Preferred Investment for the acquisition of the Property was fully funded at closing. The Preferred Investment is interest-only through maturity, includes an origination fee on the total Preferred Investment, and bears a fixed preferred return above the range of the Company’s guidance for initial investment cash yields.
“As we’ve seen cap rates for well-located retail and mixed-use assets compress over the past twelve months, we’re selectively making structured investments in properties that fit within our retail-focused strategy and provide strong risk-adjusted returns,” commented John P. Albright, President and Chief Executive Officer of CTO Realty Growth, Inc.
Erik Hamilton, who has more than 15 years in CRE journalism, is a former staff writer with the Los Angeles Times and the Orange County Business Journal. In addition to The Times and the OCBJ, he was also a reporter and editor for Crittenden Research, The San Bernardino Sun and UPI. Erik also worked six years in CRE public relations with Los Angeles-based Hoyt Organization, where he was a Senior Account Executive. He later joined Lee & Associates where he served as the Director of Corporate Communications. There ,in addition to his work with Lee’s CEO, he managed 57 offices nationwide and provided PR, social media and media training for the offices. A graduate of UC Irvine, with a BA in history, he is an avid record collector where he continues to search for a rare Joy Division single.
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