CTO Realty Growth Announces Acquisition of Palms Crossing for $81.6 Million

Core Viewpoint - CTO Realty Growth, Inc. has announced the acquisition of Palms Crossing, an open-air retail center in McAllen, Texas, for $81.6 million, enhancing its portfolio in high-growth markets [1][2]. Acquisition Details - The Palms Crossing property spans 399,000 square feet and is currently 98% leased, featuring major tenants such as Best Buy, Hobby Lobby, Burlington Coat Factory, Barnes & Noble, and Nike [2]. - The property is situated on 47 acres with a population of approximately 200,000 within a five-mile radius, and includes two pad sites on about six acres for future development opportunities [2]. Financial Impact - Following this acquisition, Texas will become the Company's third largest state by annualized cash base rent (Cash ABR), with the combined percentage of Cash ABR from Georgia, Florida, Texas, and North Carolina increasing to 85% [3]. - The acquisition will be initially funded through available cash and a revolving credit facility, with plans to sell another property in mid-2026 to retroactively fund the Palms Crossing acquisition [3]. Company Overview - CTO Realty Growth, Inc. specializes in owning and operating high-quality, open-air shopping centers in the Southeast and Southwest markets of the United States [4]. - The Company also manages and holds a significant interest in Alpine Income Property Trust, Inc., a publicly traded net lease REIT [4].