CTO Realty Growth has cashed out of one of Plano’s most visible mixed-use hubs, unloading the Shops at Legacy North for $78 million and effectively closing the book on its Dallas holdings for now. The company is redirecting that money into Florida retail while keeping the buyer of the Plano property under wraps.
Deal Details And Numbers
CTO reported that the 243,000-square-foot mixed-use center traded for $78.0 million, which works out to roughly $321 per square foot and reflects what the company described as a low-5% exit cash cap rate, according to GlobeNewswire. CTO said it plans to use the net proceeds as part of a Section 1031 like-kind exchange to retroactively fund a recent Florida acquisition and to help finance additional future purchases.
Where It Came From
CTO picked up the Shops at Legacy North in June 2021 for $72.5 million, when the property was listed at about 236,000 square feet and roughly 83% leased, according to the company’s 8-K filing with the SEC. That deal folded a restaurant-heavy retail lineup and an office component into CTO’s portfolio as the REIT focused on high-growth Sun Belt markets.
Dallas Retail Market In Brief
CTO’s exit comes against a backdrop of solid fundamentals in Dallas retail. Q3 2025 data from CBRE shows metro-wide availability hovering near 4.9%, with positive net absorption of roughly 132,000 square feet and average asking rents around $21.65 per square foot. A healthy construction pipeline in North Texas, combined with those numbers, helps explain why lifestyle centers in Legacy and the broader Collin County area still draw investor interest.
The Shops At Legacy North
The Shops at Legacy North spans about 12 acres at 7300 Dallas Parkway and combines approximately 121,000 square feet of retail with around 121,000 square feet of office space, based on figures from CommercialCafe and CTO’s earlier disclosures. Dining anchors and regional draws such as The Capital Grille and Seasons 52 have helped keep the center on the radar for both shoppers and nearby corporate employees.
CTO’s Take
“We are very pleased with the strong pricing achieved on this transaction, which reflects the significant leasing completed at the Shops at Legacy North over the past two years,” CEO John P. Albright said in a company statement reported by GlobeNewswire. The company said the sale allows it to recycle capital into higher-yield opportunities and deliver immediate earnings accretion.
Where The Proceeds Are Headed
On the other end of the 1031 exchange, CTO has closed on Pompano Citi Centre in Pompano Beach, a larger open-air shopping center anchored by Burlington, TJ Maxx, Nordstrom Rack, Ross and J.C. Penney. Coverage in The Real Deal notes that CTO paid about $65.2 million for the Broward County property at 1955 N. Federal Highway, marking the REIT’s first move into the Fort Lauderdale market.
What It Means For Plano
For Plano’s Legacy district, the deal underscores that there is still liquidity for amenity-rich suburban lifestyle centers that can pull in both office workers and destination diners. The buyer of the Shops at Legacy North has not been identified, and how the property performs from here will hinge on the new owner’s leasing game plan and any repositioning strategy.
