CTO Realty Growth Announces Acclaimed Superica Restaurant Coming to Ashford Lane
May 20 2021 - 4:05PM
CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today
announced it has signed a long-term lease with acclaimed Tex-Mex
restaurant Superica to occupy more than 6,000 square feet at 4500
Olde Perimeter Way at Ashford Lane, the Company’s mixed-use
property in the high-growth Perimeter submarket of Atlanta.
"We are excited to be bringing Superica to
Ashford Lane where their community-specific focus and emphasis on
providing a fun and energetic atmosphere perfectly fits our vision
for the future of the property," said John P. Albright, President
and Chief Executive Officer of CTO Realty Growth. "The signing of
this lease continues our momentum at the property, where we have
executed more than 80,000 square feet of new leases, extensions and
renewals since our acquisition in the first quarter of 2020,
including a 17,000 square foot food hall called The Hall, which is
expected to open later this summer."
With the signing of the Superica lease and
future opening of The Hall, CTO’s progress with asset-level
rebranding and targeted lease-up efforts that were identified as
part of phase one of the repositioning of Ashford Lane are on
track. The Company anticipates further transformation to the
property with the addition of The Lawn, which is expected to be
completed in the first quarter of 2022.
About Ashford Lane
Ashford Lane is a 268,000 square foot mixed-use
property centrally positioned within Atlanta’s fastest-growing
office market and is in close proximity to several Fortune 500
companies, including Mercedes-Benz and State Farm. The area boasts
a day-time population of nearly 365,000 people within a five-mile
radius and the property is located within a 10-minute walk to the
Sandy Springs MARTA Station, across the street from Perimeter Mall,
and adjacent to the new AC Hotel, which is set to open later this
summer.
Ashford Lane currently offers 35 local and
nationally branded retail, office and dining tenants, and is set to
add a number of exciting new dining, lifestyle shopping and
entertainment concepts. With the addition of The Lawn, a new
greenspace that will act as the vibrant, street-level public space
for community gatherings and dining al fresco at chef-driven
restaurants, the property is being positioned to become the center
of gravity for Atlanta’s Central Perimeter market.
We encourage you to visit the Ashford Lane
website at www.ashfordln.com.
About CTO Realty Growth,
Inc.
CTO Realty Growth, Inc. is a publicly traded
diversified REIT that owns and operates a diversified portfolio of
income properties comprising approximately 2.7 million square feet
in the United States. CTO also owns an approximate 22% interest in
Alpine Income Property Trust, Inc., a publicly traded net lease
real estate investment trust (NYSE: PINE).
We encourage you to review our most recent
investor presentation, which is available on our website at
www.ctoreit.com.
Safe Harbor
Certain statements contained in this press
release (other than statements of historical fact) are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements can typically be identified by words such as “believe,”
“estimate,” “expect,” “intend,” “anticipate,” “will,” “could,”
“may,” “should,” “plan,” “potential,” “predict,” “forecast,”
“project,” and similar expressions, as well as variations or
negatives of these words.
Although forward-looking statements are made
based upon management’s present expectations and reasonable beliefs
concerning future developments and their potential effect upon the
Company, a number of factors could cause the Company’s actual
results to differ materially from those set forth in the
forward-looking statements. Such factors may include, but are not
limited to: the Company’s ability to remain qualified as a REIT;
the Company’s exposure to U.S. federal and state income tax law
changes, including changes to the REIT requirements; general
adverse economic and real estate conditions; the ultimate
geographic spread, severity and duration of pandemics such as the
recent outbreak of the novel coronavirus, actions that may be taken
by governmental authorities to contain or address the impact of
such pandemics, and the potential negative impacts of such
pandemics on the global economy and the Company’s financial
condition and results of operations; the inability of major tenants
to continue paying their rent or obligations due to bankruptcy,
insolvency or a general downturn in their business; the loss or
failure, or decline in the business or assets of PINE or the
venture formed when the Company sold its controlling interest in
the entity that owned the Company’s remaining land portfolio, of
which the Company has a retained interest; the completion of 1031
exchange transactions; the availability of investment properties
that meet the Company’s investment goals and criteria; the
uncertainties associated with obtaining required governmental
permits and satisfying other closing conditions for planned
acquisitions and sales; and the uncertainties and risk factors
discussed in the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2020 or Form 10-Q for the quarter
ended March 31, 2021, as filed with the SEC.
There can be no assurance that future
developments will be in accordance with management’s expectations
or that the effect of future developments on the Company will be
those anticipated by management. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company undertakes
no obligation to update the information contained in this press
release to reflect subsequently occurring events or
circumstances.
Contact: |
Matthew M. PartridgeSenior Vice President, Chief Financial Officer
and Treasurer(386) 944-5643mpartridge@ctoreit.com |
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