CTO Realty Structures $94M Reverse Like-Kind Exchange for Retail Center

Winter Park, FL-based CTO Realty Growth, Inc., has completed its $93.9-million acquisition of West Broad Village, a 392,000-square-foot grocery-anchored lifestyle property in the Richmond submarket of Glen Allen, VA.

John Owendoff, Margaret Jones and Lane Breedlove of Cushman & Wakefield represented the seller in the transaction.

The property was purchased through a 1031 like-kind exchange using $35 million of restricted cash generated from the company’s previously completed property dispositions, available unrestricted cash and draws from the company’s unsecured revolving credit facility. The acquisition was structured as a reverse like-kind exchange in order to account for possible future dispositions of income properties by the company.

“With future leasing opportunities to drive attractive stabilized cash flows, strong supporting demographics, and Richmond’s high quality of life, business friendly policies and consistent population growth, West Broad Village represents a terrific opportunity for us to invest in a dominant grocery-anchored lifestyle property with long-term upside,” said John Albright, president and CEO of CTO Realty Growth.

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