An undisclosed buyer acquired Sabal Pavilion from CTO Realty Growth, Inc. (NYSE:CTO) for $22 million on December 20, 2023. The consideration consists of $22 million in cash. As part of the consideration, $22 million was paid towards assets. In connection with the Property sale, CTO Realty Growth, Inc. provided a $15.4 million first mortgage to the buyer at a fixed interest rate of 7.5%, with a term of 179 days. CTO Realty Growth, Inc. expects to utilize the sales proceeds as part of a Section 1031 like-kind exchange.

An undisclosed buyer completed the acquisition of Sabal Pavilion from CTO Realty Growth, Inc. (NYSE:CTO) on December 20, 2023.