{"id":1004637438,"date":"2023-01-03T03:21:00","date_gmt":"2023-01-03T11:21:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004637438"},"modified":"2023-01-03T06:10:18","modified_gmt":"2023-01-03T14:10:18","slug":"cto-realty-growth-acquires-atlanta-mixed-use-for-96m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cto-realty-growth-acquires-atlanta-mixed-use-for-96m\/","title":{"rendered":"CTO Realty Growth Acquires Atlanta Mixed-Use for $96M"},"content":{"rendered":"
\"The<\/a>

The Collection at Forsyth. Image courtesy of CTO Realty Growth<\/p><\/div>\n

CTO Realty Growth<\/strong> Inc., of Winter Park, Fla., has acquired The Collection at Forsyth, a 560,000-square-foot lifestyle, mixed-use property in Atlanta\u2019s Forsyth County submarket for $96 million. The seller was not disclosed.<\/p>\n

Built in 2008, the 57-acre property is just over 80 percent leased and counts Academy Sports, AMC Theatres, Ted\u2019s Montana Grill, DSW and Barnes & Noble among its retail tenants<\/a>.<\/p>\n

Matthew Partridge, CTO senior vice president, CFO & treasurer, told Commercial Property Executive<\/em> that The Collection at Forsyth also includes complementary office tenants, such as Regus, as well as medical tenant Children\u2019s Healthcare of Atlanta Urgent Care Center.<\/p>\n

\n

READ ALSO<\/strong>: Where to Find Opportunities as Economy Slows <\/a><\/p>\n

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The acquisition was structured as a reverse like-kind exchange, to account for possible future dispositions of income properties by CTO.<\/p>\n

The purchase price reportedly represents a going-in cap rate above the range of CTO\u2019s current guidance for initial cash yields.<\/p>\n

In a prepared statement, CTO President & CEO John Albright noted that the acquisition was priced meaningfully below replacement cost, where there is future upside by repositioning the property through targeted capital investment to improve the overall tenant mix and lease the existing vacancy. Part of the latter, he added, will consist of finding a new grocer to take a vacant outparcel formerly occupied by Earth Fare.<\/p>\n

Nice neighborhood<\/h2>\n

CTO has emphasized that the location is in one of Atlanta\u2019s most affluent submarkets, with Forsyth County projected to have an exceptional population growth rate over the next five years. The submarket already has the highest median income of any county in Georgia.<\/p>\n

The company also highlighted that numerous significant development projects are planned for the area, including a large mixed-use project announced by Fuqua Development<\/strong> for a site directly across Ronald Reagan Boulevard from The Collection at Forsyth. The Fuqua project is slated to include retail and restaurant space, a hotel and a self storage facility.<\/p>\n

In addition, just east of The Collection at Forsyth, Passport Experiences<\/strong> plans to develop Passport Springs & Spa, a 10-acre project with 25 thermal mineral pools, 19 spa rooms, private themed cabanas and a rooftop restaurant. The resort will also feature a cave network with snow, steam, sauna and salt rooms.<\/p>\n","protected":false},"excerpt":{"rendered":"

Primarily a lifestyle retail center, The Collection at Forsyth also includes office and medical tenants.<\/p>\n","protected":false},"author":882,"featured_media":1004637453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21808,21783,21752,21742,21749],"tags":[51752],"class_list":["post-1004637438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-featured","category-investment","category-mixed-use","category-latest","category-retail","tag-cto-realty-growth"],"acf":[],"yoast_head":"\nCTO Realty Growth Acquires Atlanta Mixed-Use for $96M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"CTO Realty Growth has acquired The Collection at Forsyth, a lifestyle, mixed-use property in Atlanta\u2019s Forsyth County, for $96 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cto-realty-growth-acquires-atlanta-mixed-use-for-96m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CTO Realty Growth Acquires Atlanta Mixed-Use for $96M\" \/>\n<meta property=\"og:description\" content=\"CTO Realty Growth has acquired The Collection at Forsyth, a lifestyle, mixed-use property in Atlanta\u2019s Forsyth County, for $96 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cto-realty-growth-acquires-atlanta-mixed-use-for-96m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-03T11:21:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-03T14:10:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/The-Collection-at-Forsyth-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"795\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cto-realty-growth-acquires-atlanta-mixed-use-for-96m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cto-realty-growth-acquires-atlanta-mixed-use-for-96m\/\",\"name\":\"CTO Realty Growth Acquires Atlanta Mixed-Use for $96M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cto-realty-growth-acquires-atlanta-mixed-use-for-96m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cto-realty-growth-acquires-atlanta-mixed-use-for-96m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/The-Collection-at-Forsyth-featured.jpg\",\"datePublished\":\"2023-01-03T11:21:00+00:00\",\"dateModified\":\"2023-01-03T14:10:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"CTO Realty Growth has acquired The Collection at Forsyth, a lifestyle, mixed-use property in Atlanta\u2019s Forsyth County, for $96 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cto-realty-growth-acquires-atlanta-mixed-use-for-96m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/cto-realty-growth-acquires-atlanta-mixed-use-for-96m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cto-realty-growth-acquires-atlanta-mixed-use-for-96m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/The-Collection-at-Forsyth-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/The-Collection-at-Forsyth-featured.jpg\",\"width\":795,\"height\":620,\"caption\":\"The Collection at Forsyth. 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