CTO Pays Nearly $80M for Atlanta Metro Power Center
CTO Realty Growth has purchased Ashley Park, a 559,000-square-foot retail center in Newnan, Ga., for $79.8 million. The previous owner was Apollo Global Management, which had bought it for $89.8 million in 2015, according to CommercialEdge information.
CTO John Albright said that the company acquired Ashley Park below replacement costs, adding that, with below-market rents, the asset provides an opportunity for strategic lease-up.
Ashley Park is a 60-acre shopping center at 354 Newnan Crossing Bypass, 38 miles southwest of downtown Atlanta. It receives roughly 6 million visits per year.
Dick’s Sporting Goods, Best Buy, Barnes & Noble, Regal and Dillard’s anchor the property, which was 93 percent leased at the time of sale.
CTO Realty Growth is a publicly traded real estate investment trust that owns and operates a portfolio of retail-based properties primarily in higher-growth markets in the United States.
