CTO Realty Growth Announces the Acquisition of the Shops at Legacy in the Plano Submarket of Dallas, Texas for $72.5 Million

DAYTONA BEACH, Fla., June 24, 2021 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced it has acquired The Shops at Legacy North, an approximately 236,000 square foot retail-driven mixed-use lifestyle property in Plano, Texas (the “Property”).

The Shops at Legacy North, which was constructed in 2007 and includes nearly 1,000 parking spaces, is currently 83% occupied and is situated on 12.7 acres across the Dallas North Tollway from Legacy West at the core of the 2,665-acre master-planned Legacy District, one of the premier live-work-play communities in the United States. The Property has excellent accessibility to a large concentration of Fortune 500 Companies, is surrounded by approximately 8,000 apartment units and nearly 2,500 hotel rooms, and benefits from excellent demographics with a daytime population of more than 160,000 people, a five-mile population of approximately 316,000 and five-mile average household incomes of more than $141,000.

The retail portion of the Property, which represents 121,496 square feet, boasts a diversified mix of upscale, amenity-driven retailers and is anchored by a variety of national and local restaurants, including The Capital Grille, Seasons 52, Mexican Sugar, Benihana and Ra Sushi. The office component of the Property, which totals 114,936 square feet, includes notable tenants such as Unum, Technologent, Timmons Group, BRP and Shift Digital, and is anchored by WeWork’s technology and amenity-based Enterprise Model coworking space, which occupies approximately 59,000 square feet and has more than 12 years of term remaining on their lease.

“We’re thrilled with our acquisition of The Shops at Legacy, one of the most recognizable and distinctive properties in the Dallas-Fort Worth, Texas market,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “The Plano submarket of Dallas is experiencing significant population and employment growth and serves as the primary growth corridor in the region, benefitting from a diversified blue-chip corporate presence, first-class residential neighborhoods, low business costs and a well-educated workforce. These attributes, when combined with the property’s premier positioning in the market and dynamic tenant mix, give us confidence in the sustainability of the property’s cash flows, and we believe this is an excellent addition to our growing, high-quality portfolio.”