CTO Realty Growth acquires retail power center in Texas for $61.2M

CTO Realty Growth announced the acquisition of Plaza at Rockwall, a 446,500 square foot multi-tenant retail power center in the Rockwall submarket of Dallas, Texas for a purchase price of $61.2 million. The purchase price represents a going-in cap rate above the range of the Company’s current guidance for initial cash yields. Plaza at Rockwall is situated on 42 acres along I-30, just over 20 miles northeast of downtown Dallas, Texas. The Property is 95% occupied and is anchored by Best Buy, Ulta Beauty, Dick’s Sporting Goods, JCPenney, Belk, Five Below, and HomeGoods. Plaza at Rockwall is located within one of the wealthiest and fastest growing counties in Texas, benefiting from a five-mile population of nearly 99,000, five-mile average household incomes of more than $142,500, and a five-year projected five-mile population growth rate of 1.25% annually. Following the Company’s acquisition of the Property, Dallas-Fort Worth continues to be the Company’s second largest market exposure with approximately 18% of the Company’s in-place annualized cash base rent coming from the metropolitan statistical area. The Property was purchased using draws from the Company’s unsecured revolving credit facility. The acquisition was structured as a reverse like-kind exchange in anticipation of possible future income property dispositions by the Company.