CTO Realty Growth sells Dallas retail center for $78 million

CTO Realty Growth, Inc. (NYSE: CTO) announced the sale of the Shops at Legacy North, a 243,000-square-foot mixed-use lifestyle center in Dallas, Texas, for $78.0 million, according to a company statement.

The transaction equates to $321 per square foot for the property. John P. Albright, President and Chief Executive Officer of CTO Realty Growth, said the sale achieved an approximate low-5% exit cash cap rate.

The company plans to use the net proceeds as part of a Section 1031 like-kind exchange to retroactively fund its December 17 acquisition of Pompano Citi Centre, with remaining proceeds designated for future acquisitions.

CTO Realty Growth reported year-to-date disposition volume of $85.1 million, including the Shops at Legacy North and Main Street properties, representing a weighted average exit cash cap rate of mid-5%.

The Winter Park, Florida-based company owns and operates open-air retail centers located in high-growth markets across the Southeast and Southwest. CTO also externally manages and owns an interest in Alpine Income Property Trust, Inc. (NYSE: PINE).

You May Also Be Interested In

• Amdocs signs multi-year managed services deal with Millicom in Chile
• Arrive AI cuts 20% of workforce, expects $1.5M in annual savings
• Benchmark Reiterates Buy Rating on Synopsys (SNPS) Amid 'Relatively Bearish' Sentiment Into Earnings