CTO Realty Growth Inc. (NYSE: CTO), the owner and operator of open-air shopping centers in higher growth Southeast and Southwest markets, has paid $81.6 million to acquire Palms Crossing, a 399,000-square-foot open-air retail center in McAllen, Texas.
The 47-acre Palms Crossing is currently 98% leased and is anchored by Best Buy, Hobby Lobby, Burlington Coat Factory, Barnes & Noble and Nike. The property features two pad sites situated on approximately six acres representing future development opportunities.
“The company plans to initially fund the acquisition with available cash and availability under our revolving credit facility,” said CTO Growth Realty in a statement. “In mid-2026, we expect to sell a property with proceeds used to retroactively fund the Palms Crossing acquisition.”
Photo courtesy of O’Connor Capital Partners
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