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.