{"id":1004790014,"date":"2026-03-03T03:56:19","date_gmt":"2026-03-03T11:56:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004790014"},"modified":"2026-03-03T03:57:15","modified_gmt":"2026-03-03T11:57:15","slug":"cto-acquires-south-texas-retail-asset-for-82m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cto-acquires-south-texas-retail-asset-for-82m\/","title":{"rendered":"CTO Acquires South Texas Retail Asset for $82M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a4942f42c629&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004782278\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/plaza-at-rockwell-in-rockwall-texas-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Plaza-at-Rockwell-in-Rockwall-Texas-edited.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Plaza at Rockwell in Rockwall, Texas\" data-image-description=\"&lt;p&gt;Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Plaza at Rockwall is part of CTO Realty Growth Inc.&#8217;s portfolio.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Plaza-at-Rockwell-in-Rockwall-Texas-edited.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Plaza-at-Rockwell-in-Rockwall-Texas-edited.jpg\" alt=\"Exterior shot of Plaza at Rockwall in Rockawall, Texas, a 446,487-square-foot retail property part of CTO Realty Growth Inc.'s portfolio.\" class=\"wp-image-1004782278\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Plaza-at-Rockwell-in-Rockwall-Texas-edited.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Plaza-at-Rockwell-in-Rockwall-Texas-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The 446,487-square-foot Plaza at Rockwall in Rockwall, Texas, is part of CTO Realty Growth Inc.\u2019s retail portfolio.<br><em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>CTO Realty Growth has acquired the 399,000-square-foot Palms Crossing shopping center in McAllen, Texas, for $81.6 million. Simon Property Group was the previous owner, according to Yardi Matrix.<\/p>\n\n\n\n<p>Together with the existing retail space, the deal includes two pad sites on about 6 acres that can be developed in the future. With this acquisition, Texas becomes the company\u2019s third-largest state by annualized cash base rent.<\/p>\n\n\n\n<p>Best Buy, Hobby Lobby, Burlington Coat Factory, Barnes &amp; Noble and Nike anchor the property, reflecting national <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-market-trends\/\">retail trends<\/a> favoring necessity-based and experiential tenants. At the time of sale, Palms Crossing was 98 percent leased.<\/p>\n\n\n\n<p>Sitting on 47 acres at 3300 Expressway 83, the shopping center is close to McAllen International Airport and just off Interstate 2. The property is also within 3 miles of another retail center dubbed Sharyland Towne Crossing.<\/p>\n\n\n\n<p>The deal comes at a time of recovering\u00a0fundamentals for U.S. retail real estate, which closed 2025 on firmer footing, with demand rebounding and supply growing even tighter, <a href=\"https:\/\/www.jll.com\/en-us\/insights\/market-dynamics\/us-retail\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">JLL reported<\/a>. Positive net absorption returned in the second half 2025, vacancies remain near historic lows, and new construction is slowing down.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cto-on-the-hunt-for-more-retail\">CTO on the hunt for more retail<\/h2>\n\n\n\n<p>CTO funded the transaction with available cash and its revolving credit facility. Later this year, the company expects to sell a different property and use the proceeds to retroactively fund the Palms Crossing acquisition.<\/p>\n\n\n\n<p>The McAllen deal isn\u2019t the first time CTO bought a property and used the proceeds of a sale not long afterwards to pay for it. In December, the company <a href=\"https:\/\/www.commercialsearch.com\/news\/cto-cashes-in-78m-for-dallas-mixed-use-center\/\">sold The Shops at Legacy North<\/a>, a 243,000-square-foot mixed-use center in Plano, Texas, for $78 million. Proceeds from the sale financed CTO&#8217;s $65.2 million acquisition of Pompano Citi Centre, a 571,000-square-foot retail center in Pompano Beach, Fla.<\/p>\n\n\n\n<p>CTO reported in its fourth quarter earnings call in February that its same-property NOI for shopping centers rose 4.3 percent year-over-year during the fourth quarter. The increase, according to the company, was driven by leasing activity and reduced maintenance costs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property came online in 2007.<\/p>\n","protected":false},"author":1023,"featured_media":1004782278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,51973],"tags":[51752,33301],"class_list":["post-1004790014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-southwest","tag-cto-realty-growth","tag-simon-property-group-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CTO Acquires South Texas Retail Asset for $82M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"CTO Realty Growth has acquired the Palms Crossing shopping center in McAllen, Texas, for $81.6 million from Simon Property Group.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cto-acquires-south-texas-retail-asset-for-82m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CTO Acquires South Texas Retail Asset for $82M\" \/>\n<meta property=\"og:description\" content=\"CTO Realty Growth has acquired the Palms Crossing shopping center in McAllen, Texas, for $81.6 million from Simon Property Group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cto-acquires-south-texas-retail-asset-for-82m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-03T11:56:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-03T11:57:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Plaza-at-Rockwell-in-Rockwall-Texas-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dees Stribling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cto-acquires-south-texas-retail-asset-for-82m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cto-acquires-south-texas-retail-asset-for-82m\/\",\"name\":\"CTO Acquires South Texas Retail Asset for $82M - 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