Palms Crossing Acquired by CTO Realty Growth — Real Estate M&A

CTO Realty Growth has completed the acquisition of Palms Crossing, a property management business in Texas, for $81.6 million. CTO Realty Growth acquires Palms Crossing, an open-air retail center in McAllen, Texas totaling 399,000 square feet and 98% leased with anchors including Best Buy, Hobby Lobby, Burlington Coat Factory, Barnes & Noble, and Nike. The property management acquisition adds 47 acres of real estate services assets plus two pad sites for future development opportunities near a roughly 200,000 population within a five-mile radius. CTO Realty Growth acquisitions are structured as an add on acquisition by a public company acquisition buyer, funded with available cash and revolver capacity, with plans to use mid-2026 property sale proceeds to retroactively fund the deal.