Brandon shopping center sold as part of $137 million deal

CTO Realty Growth, an Orlando area real estate investment trust, has bought a Brandon shopping center as part of a $137.5 million, three-property portfolio purchase.

The center is Lake Brandon Village on Causeway Boulevard.

CTO did not disclose the individual sales prices for the properties and Hillsborough County property records have not been updated. The seller was Ohio-based Site Centers, which paid $17.1 million for it in 2012.

Along with Lake Brandon Village, CTO bought Carolina Pavilion in Charlotte, North Carolina and Millenia Crossing in Orlando.

John Albright, CTO’s president and CEO, says in a statement announcing the deal that adding the three properties to its current portfolio strengthens its presence in Orlando while expanding its “geographic footprint” into the Charlotte and Tampa markets.

"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. Millenia Crossing is situated in the dominant retail area of Orlando and Lake Brandon Village adds another grocery anchored property to our portfolio.”

The 102,022-square-foot Lake Brandon Village sits on 8 acres just east of Interstate 75. It is 100% occupied and counts Sprouts, PetSmart, DSW and Scandinavian Design Furniture as anchors. Lowe’s is a shadow anchor.

In addition to buying the three centers, CTO announced that it had sold a center in West Jordan, Utah for $18 million.

Winter Park-based CTO, according to its second quarter earnings report released last month, owns 20 properties totaling 3.8 million square feet as of June 30.

The July 25 earnings statement says the company’s total revenue for the quarter was $28.84 million, up 10.7% from $26.04 million for the same period last year.