Business
CTO Realty Growth Announces Acquisition of Palms Crossing for $81.6 Million
WINTER PARK, Fla., March 02, 2026 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), a leading owner and operator of high-quality, open-air shopping centers located in the higher growth Southeast and Southwest markets of the United States, today announced the acquisition of Palms Crossing (the “Property”), an open-air retail center consisting of 399,000 square feet for a purchase price of $81.6 million. Palms Crossing is currently 98% leased, anchored by Best Buy,
About this update from Cto Realty Growth, Inc.
[{"type":"image","alt":"CTO Realty Growth, Inc.","displaySize":"","headline":null,"caption":"CTO Realty Growth, Inc.","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":216,"url":"https://media.zenfs.com/en/globenewswire.com/667396cf0bdfbe9314cff43bdfbb843f"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/a0E93RqxKsBMTN6N6c0lbA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTMwMjtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/667396cf0bdfbe9314cff43bdfbb843f","width":300,"height":216}},"lazy":false},{"type":"text","content":"WINTER PARK, Fla., March 02, 2026 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), a leading owner and operator of high-quality, open-air shopping centers located in the higher growth Southeast and Southwest markets of the United States, today announced the acquisition of Palms Crossing (the “Property”), an open-air retail center consisting of 399,000 square feet for a purchase price of $81.6 million.","length":437,"tagName":"p"},{"type":"text","content":"Palms Crossing is currently 98% leased, anchored by Best Buy, Hobby Lobby, Burlington Coat Factory, Barnes & Noble and Nike. The Property is located on 47 acres in McAllen, Texas with a population of approximately 200,000 within a five-mile radius. Additionally, the Property features two pad sites situated on approximately six acres representing future development opportunities.","length":385,"tagName":"p"},{"type":"text","content":"With this acquisition, Texas becomes the Company’s third largest state by annualized cash base rent (“Cash ABR”) and the percentage of Cash ABR from Georgia, Florida, Texas and North Carolina increases to 85%.","length":209,"tagName":"p"},{"type":"text","content":"The Company plans to initially fund the acquisition with available cash and availability under our revolving credit facility. In mid-2026, we expect to sell a property with proceeds used to retroactively fund the Palms Crossing acquisition.","length":240,"tagName":"p"},{"type":"text","content":"About CTO Realty Growth, Inc.","length":29,"tagName":"p"},{"type":"text","content":"CTO Realty Growth, Inc. owns and operates high-quality, open-air shopping centers located in the higher growth Southeast and Southwest markets of the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Tru...