CTO Realty Growth to Buy Palms Crossing for $81.6M

CTO Realty Growth, Inc. announced it will acquire Palms Crossing for a purchase price of $81.6 million. The open-air retail center totals 399,000 square feet and is 98% leased, anchored by Best Buy, Hobby Lobby, Burlington Coat Factory, Barnes & Noble, and Nike.

Palms Crossing sits on 47 acres in McAllen, Texas, with about 200,000 people within a five-mile radius. The property also includes two pad sites on roughly six acres for future development opportunities. CTO plans to fund initially with available cash and capacity under its revolving credit facility, and expects to sell a property in mid-2026 to retroactively fund the acquisition.