CTO Realty Growth, Inc. announced the closing of the sale of Sabal Pavilion, a 120,500 square foot single tenant office property located in Tampa, Florida (Property). The Property was sold for $22.0 million, resulting in a loss on sale of approximately $0.7 million. In connection with the Property sale, CTO provided a $15.4 million first mortgage to the buyer at a fixed interest rate of 7.5%, with a term of 179 days.

Year-to-date, the Company has sold nine properties for total disposition volume of $87.1 million at a weighted average exit cap rate of 7.5%, generating gains on sales of $6.3 million. The Company expects to utilize the sales proceeds as part of a Section 1031 like-kind exchange (the ?1031 Exchange?). Following the completion of the 1031 Exchange, the Company intends to use available proceeds to repay a portion of the outstanding balance under its revolving unsecured credit facility.

With the closing of this transaction, the Company has approximately $6.9 million of proceeds held in 1031 restricted cash accounts.