CTO Realty Growth announced the closing of the sale of Reston Metro Center II, a 64,319 square foot single tenant office property located in Reston, Virginia leased to General Dynamics. The Property was sold for $18.5 million, representing an exit cap rate of 7.2% and generating a gain on sale of approximately $1.3 million. “This sale continues our progress of accretively recycling non-core assets into core retail shopping center properties in business-friendly growth markets,” said John P. Albright, President and Chief Executive Officer off CTO Realty Growth, Inc.
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