CTO Realty Growth acquired the Palms Crossing Shopping Center in McAllen for $81.6 million. WPG (Washington Prime Group) was the seller.
The 47-acre property features 399,000 square feet of retail space. It boasts over 47 retail and dining options, including Best Buy, Hobby Lobby, and Barnes & Noble. Restaurants include P.F. Chang’s, Cheddar’s, McAlister’s Deli, Longhorn Steakhouse, and Romano’s Macaroni Grill.
It was 98% leased at the time of the sale.
The Company said it plans to initially fund the acquisition with available cash and availability under our revolving credit facility. In mid-2026, we expect to sell a property with proceeds used to retroactively fund the Palms Crossing acquisition.
CTO is an owner and operator of open-air shopping centers located in the higher-growth Southeast and Southwest markets of the United States.
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