05:36 PM EDT, 03/19/2024 (MT Newswires) -- CTO Realty Growth ( CTO ) said Tuesday it completed the sale of a mixed-use property in downtown Santa Fe, New Mexico, for about $20 million.

The company expects to receive a $4.6 million gain from the sale of the 136,000-square-foot property.

"We anticipate using the proceeds from this sale to fund the acquisition of a core power center in the Orlando MSA, which we expect to close in the first quarter of 2024," Chief Executive John P. Albright said.

The remaining proceeds from the sale will be used to pay down a portion of its revolving unsecured credit facility or future acquisitions, CTO Realty said.