CTO Realty Growth Announces the Sale of the Shops at Legacy North for $78.0 Million

Core Viewpoint - CTO Realty Growth, Inc. has successfully sold the Shops at Legacy North for $78.0 million, reflecting strong market demand and effective leasing strategies [1][2]. Group 1: Transaction Details - The Shops at Legacy North, a 243,000-square-foot mixed-use lifestyle center in Dallas, Texas, was sold for $78.0 million, which translates to $321 per square foot [1]. - The transaction was completed at an approximate low-5% exit cash cap rate, allowing the company to recycle capital into higher-yielding opportunities [2]. Group 2: Financial Strategy - The net proceeds from the sale will be utilized as part of a Section 1031 like-kind exchange, retroactively funding the recent acquisition of Pompano Citi Centre [2]. - Year-to-date disposition volume for the company stands at $85.1 million, including the Shops at Legacy North, with a weighted average exit cash cap rate of mid-5% [3]. Group 3: Company Overview - CTO Realty Growth, Inc. specializes in owning and operating high-quality open-air shopping centers primarily located in high-growth markets in the Southeast and Southwest United States [4].