WPG has jettisoned the 400,000-square-foot Palms Crossing, a sprawling shopping center in McAllen, Texas. JLL represented WPG. The buyer was CTO Realty Growth, Inc. JLL Capital Market’s Investment Sales and Advisory team was led by Barry Brown, Chris Gerard, Claudia Steeb and Erin Lazarus.
Palms Crossing is located at 3300 W Expy 83 in McAllen and serves as a premier retail destination for the Rio Grande Valley. The 98% leased open-air shopping center sits on 46.6 acres and features prominent national retailers including Hobby Lobby, Restaurant Depot, Best Buy, Burlington, Barnes & Noble and Guitar Center.
JLL reports the property ranks in the top 3% of shopping centers in Texas with 7.2 million annual visits. The area’s proximity to Mexico results in 18 million annual border crossings, creating significant cross-border retail demand.
The property offers additional upside potential with more than five acres of developable land and below-market rents representing 32.3% of current leases.
The post CTO Adds McAllen’s Palms Crossing to Retail Portfolio appeared first on Connect CRE.
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