CTO Realty Growth has cashed out of one of Plano’s most visible mixed-use hubs, unloading the Shops at Legacy North for $78 million and effectively closing the book on its Dallas holdings for now. The company is redirecting that money into Florida retail while keeping the buyer of the Plano property under wraps.
Deal Details And Numbers
CTO reported that the 243,000-square-foot mixed-use center traded for $78.0 million, which works out to roughly $321 per square foot and reflects what the company described as a low-5% exit cash cap rate, according to GlobeNewswire. CTO said it plans to use the net proceeds as part of a Section 1031 like-kind exchange to retroactively fund a recent Florida acquisition and to help finance additional future…..