CTO Realty’s Been Busy Acquiring Beaver Creek Crossings in Raleigh for $71M

CTO Realty Growth, Inc., has acquired Beaver Creek Crossings, a 320,600-square-foot multi-tenant retail property in the Apex submarket of Raleigh, NC, for $70.5 million. CTO purchased the property through a 1031 like-kind exchange using $66.7 million in restricted cash generated from the company’s previously completed property dispositions, draws from its unsecured revolving credit facility and available cash.

Beaver Creek Crossings is situated on 51 acres just south of Research Triangle Park. The 2005-constructed property is 97% occupied and includes four undeveloped outparcel pads.

“Raleigh has experienced explosive growth in recent years as it benefits from unprecedented corporate investment, an abundance of well-performing technology and life science companies, a high quality of life, and a highly educated workforce,” said John Albright, president and CEO of CTO Realty Growth. “This acquisition completes the accretive redeployment of our office disposition proceeds and further positions our portfolio into high-quality, multi-tenanted retail and mixed-use properties.”