Millenia-Crossing_Orlando

CTO Realty Growth Acquires Shopping Center Portfolio in Florida, North Carolina for $137.5 Million

by Hayden Spiess

Winter Park, Fla. — CTO Realty Growth Inc. has acquired a portfolio of three shopping centers located in Florida and North Carolina. The properties, which together total 893,000 square feet, include Carolina Pavilion in Charlotte, North Carolina; Millenia Crossing in Orlando, Florida; and Lake Brandon Village in Brandon, Florida. CTO purchased the portfolio from an undisclosed seller for $137.5 million.

Carolina Pavilion, which was 93 percent leased at the time of sale, comprises roughly 691,000 square feet.  Tenants at the center include AMC Theatres, Floor & Décor, Nordstrom Rack, Ross Dress for Less and Burlington.

Millenia Crossing is a 100,385-square-foot shopping center located adjacent to the Mall at Millenia in Orlando. The property was 96 percent leased at the time of sale to tenants including Nordstrom Rack, Party City, Modani Furniture, Milan Laser Hair Removal, Destination XL, The Vitamin Shoppe and Relax the Back. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the undisclosed seller in the Millennia Crossing transaction.

Lake Brandon Village spans approximately 102,000 square feet and was fully leased at the time of sale to tenants including Sprouts Farmers Market, PetSmart, DSW and Scandinavian Design Furniture.

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