CTO Realty Growth buys Sabal Pavilion property occupied by Ford Motor Credit
CTO Realty Growth Inc., a Daytona Beach-based investment firm that specializes in stand-alone, net-leased properties, has acquired a four-story office building in Tampa’s Orient Park for $26.9 million.
The deal for the 120,500-square-foot building, which is fully occupied by Ford Motor Credit, represents one of the largest office transactions of this year in the Tampa Bay area.
Office deal volume is down because of the uncertainty surrounding future occupancy stemming from the COVID-19 pandemic, but net-leased properties — in which the tenant covers a range of expenses — have performed well.
CTO Realty’s price represents a 25% premium to the price seller Pacer Partners and Drake Real Estate Partners paid for the Sabal Pavilion in June 2016, according to property records.
CTO Realty officials did not return telephone calls for comment on the 3620 Queen Palm Drive acquisition.
The building, which was completed on 11.4 acres in 1998, features some 900 parking spaces.
In all, CTO Realty owns 30 properties in 11 states, containing 2.2 million square feet, according to its website. Its portfolio is valued at more than $400 million and last year the company generated $45 million in revenue.
The majority of CTO Realty’s holdings — 11 — are in Florida, its website states, in cities such as Sarasota, Brandon, Jacksonville and Daytona Beach.