CTO Realty Growth recently invested $96 million in The Collection at Forsyth, a 560,000-square-foot retail center located along Peachtree Parkway in Georgia. After just ten months of ownership, the company is already looking to expand the property by purchasing an additional 10.6 acres adjacent to the project.
According to reports from Atlanta Business Journal, CTO Realty Growth has plans for adding more restaurants and entertainment options as well as other retail spaces on this newly acquired land. Since acquiring The Collection at Forsyth, the publicly traded REIT has seen significant growth in rents for both new and comparable leases at the center – with an increase of over 35%.
In fact, during their recent earnings call it was revealed that CTO Realty Growth has already signed or renewed leases totaling over 52,000 square feet with an average rent per square foot of $27.85 – further solidifying their success with this investment opportunity.
Overall,the potential expansion of The Collection at Forsyth presents a promising opportunity for investors looking to capitalize on its continued growth and success within the thriving retail market.
