CTO Realty Growth Acquires $72M Mixed-Use Asset
The firm has purchased the 236,000-square-foot, The Shops at Legacy North, which features both retail and office space in Plano, TX.
PLANO, TX – CTO Realty Growth Inc. has acquired the 236,000-square-foot retail-driven, mixed-use property, The Shops at Legacy North in Plano, TX for $72.5 million.
Situated on 12.7 acres of land, the mixed-use lifestyle property is currently 83% occupied. The property features 121,496 square feet of retail space, 114,936 square feet of office space and nearly 1,000 parking spaces.
The retail portion of the property is occupied by a variety of national and local restaurants and shops, and the office space is occupied by tenants including Unum, Technologent, Timmons Group, BRP, Shift Digital, and WeWork’s Enterprise Model co-working space.
Constructed in 2007, The Shops at Legacy North is located across the Dallas North Tollway from the master-planned Legacy District and is surrounded by 8,000 apartment units, nearly 2,500 hotel rooms and a concentration of Fortune 500 companies.
CTO Realty Growth purchased the property through a 1031 exchange, using $12.2 million of restricted cash from the firm’s previously completed property dispositions, $15 million of new term loan proceeds from the firm’s partial exercise of its accordion option in its existing term loan, available cash and draws from the firm’s unsecured revolving credit facility.
“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,” states John P. Albright, president and CEO 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.”