CTO Cashes In $78M for Dallas Mixed-Use Center
Proceeds will retroactively fund a recent acquisition.
Image courtesy of Yardi Matrix
CTO Realty Growth Inc. has sold The Shops at Legacy North, a 243,000-square-foot mixed-use center in Plano, Texas, for $78 million or $321 per square foot. The firm had purchased the property in June 2021 for $72.5 million or $306 per square foot, Yardi Matrix information shows.
Proceeds will retroactively finance CTO’s $65.2 million acquisition of Pompano Citi Centre, a 571,000-square-foot retail center in Pompano Beach, Fla., as well as support future investment. Sterling Organization sold the Miami-area asset, according to the same data provider.
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Completed in 2007, The Shops at Legacy North occupies a 12-acre site at 7300 Dallas Parkway. The property’s retail component, totaling 121,496 square feet, has several eateries on its roster featuring Ebb & Flow, The Capital Grille, Mexican Sugar, Café Istanbul, Sakhuu Thai Plano and Seasons 52. The asset also includes about 121,000 square feet of office space.
The lifestyle center is just off Dallas North Tollway and close to Sam Rayburn Tollway and Texas State Route 289. Downtown Dallas is 23.5 miles south. The property is also within 2 miles of several other retail complexes, including Preston Village Shopping Center, Preston Creek Super Center, Headquarters Village, Stonebriar Center, Plano Crossing. Legacy West shopping center is across from The Shops at Legacy North.
DFW retail market’s ups and downs
During the third quarter of 2025, the Dallas retail market recorded an availability rate of 4.9 percent, unmoved from the previous quarter, a recent CBRE report shows. Net absorption strengthened, amounting to 132,000 square feet, significantly higher than the 36,000-square-foot figure registered in Q2 2025.
Meanwhile, the metro’s average asking rents clocked in at $21.65 per square foot, down $0.09 quarter-over-quarter. Investment activity also slowed down significantly to $457.5 million through Q3, reflecting a 50 percent drop from the second quarter’s $924.2 million figure.
A recent retail transaction in the market was Whitestone REIT’s acquisition of World Cup Plaza in Frisco, Texas. The 90,391-square-foot, restaurant-anchored property is 6 miles from The Shops at Legacy North.
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