CTO Realty Growth has finalized the sale of the Shops at Legacy North in Plano, Texas, for $78 million, marking a strategic exit from its Dallas holdings. The sale reflects the company’s decision to reinvest in retail properties in Florida, although the identity of the buyer remains undisclosed.
Details of the Transaction
The Shops at Legacy North, a mixed-use center spanning 243,000 square feet, was sold for an approximate price of $321 per square foot, which corresponds to a low 5% exit cash cap rate, as reported by GlobeNewswire. CTO plans to use the proceeds from this transaction as part of a Section 1031 like-kind exchange to fund a recent acquisition in Florida and to support future investments.
CTO acquired the Shops at Legacy North in June 2021 for $72.5 million. At that time, the property was about 83% leased and included a mix of retail and office space. The acquisition aligned with CTO’s strategy to focus on high-growth markets in the Sun Belt region.
The Dallas Retail Landscape
The sale comes as the Dallas retail market shows robust fundamentals. According to data from CBRE for the third quarter of 2025, the availability rate in the metro area is approximately 4.9%, with a net absorption of around 132,000 square feet and average asking rents of $21.65 per square foot. The ongoing construction in North Texas, coupled with these positive trends, indicates that lifestyle centers like the Shops at Legacy North continue to attract investor interest.
Located at 7300 Dallas Parkway, the Shops at Legacy North encompasses about 12 acres and features approximately 121,000 square feet of retail space alongside an equal measure of office space. Notable dining establishments such as The Capital Grille and Seasons 52 have contributed to the center’s popularity among both shoppers and local professionals.
CTO’s CEO, John P. Albright, expressed satisfaction with the transaction, stating, “We are very pleased with the strong pricing achieved on this transaction, which reflects the significant leasing completed at the Shops at Legacy North over the past two years.” He emphasized that the sale allows the company to recycle capital into higher-yield opportunities, thereby enhancing immediate earnings.
Future Investments in Florida
Following the sale, CTO has acquired Pompano Citi Centre in Pompano Beach, Florida, for approximately $65.2 million. This open-air shopping center is anchored by well-known retailers including Burlington, TJ Maxx, and Nordstrom Rack. Coverage from The Real Deal indicates that this purchase represents CTO’s first venture into the Fort Lauderdale market.
The transaction highlights the ongoing demand for amenity-rich suburban lifestyle centers capable of attracting both office workers and diners. While the buyer of the Shops at Legacy North has not been publicly identified, the property’s future performance will depend on the new owner’s leasing strategy and potential repositioning efforts.
Overall, CTO Realty Growth’s strategic shift underscores the fluid dynamics of the retail market and the opportunities presented by evolving consumer preferences in different regions.
