The Carolina Pavilion shopping center in south Charlotte has a new owner. Winter Park, Florida-based CTO Realty Growth purchased the 691,000-square-feet open-air retail center on South Boulevard for $94 million, according to Mecklenburg County property records.
The previous owner was Beachood, Ohio-based Site Centers, who paid $110 million for the open-air retail center in 2012.
The 72-acre property is currently 93% occupied and anchored by AMC Theatres, Floor & Décor, Nordstrom Rack, Ross and Burlington. The nearby Target store is a shadow anchor. The retail giant owns its store.
CTO Realty is a publicly traded real estate investment trust that owns and operates 19 retail-based properties in more than a half-dozen states. It also owns the Beaver Creek shopping center in Apex.
“Consistent with our investment strategy, Carolina Pavilion provides near-term value-add opportunities including ability to add strong tenancy, bringing rents to market, and increasing occupancy,” says CTO Realty Growth CEO John P. Albright in release.
CTO Realty Growth announced the Charlotte purchase along with two others in Florida – one in Orlando and another in Tampa. It paid a total of $137.5 million for all three properties. On Aug. 15, CTO Realty closed on the $18 million purchase of a Utah shopping center, according to a release.
The company’s property portfolio, after closing of the above transactions, has increased approximately 19% with respect to square feet and 14% with respect to annual base rent compared to June 30, 2024.
CTO Realty Growth reported $109 million in revenue last year, compared to $82 million the year before. The company’s stock closed at $18.90 on Friday, up 40 cents or 2.16%. Its 52-week range in stock price is between $15.63 and $20.28. It has a market cap of almost $437 million.