The Shops at Legacy North, a notable shopping and lifestyle hub in Plano, North Texas, has changed hands in a handsome $78 million deal. The open-air center spans 243,000 square feet and is positioned in a premium location on the Dallas Parkway. This move marks a noteworthy transaction in the North Texas commercial real estate scene, closing out at a rate of roughly $321 per square foot.
CTO Realty Growth, the seller, disclosed the sale recently without initially naming the buyer. However, details from the WFAA report and Dallas Business Journal indicate that Collin County land records revealed the buyer as ACH Legacy North Texas LLC, an affiliate of the real estate firm Albanese Cormier Holdings based in Beaumont.
Commenting on the strategic disposition, John P. Albright, CEO of CTO Realty Growth, stated, "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." Albright relayed that the favorable exit cash cap rate of the low-5% enabled the company to redirect funds into more lucrative investments, including a recent acquisition of the Pompano Citi Centre last Wednesday. This is believed to be driving immediate earnings accretion.
The center is home to a range of upscale tenants such as Benihana, drybar, The Capital Grille, and others, bolstering the Shops at Legacy North as a stellar mixed-use property. Constructed in 2007 and boasting close to a thousand parking spaces, the property has been touted as one of the top live-work-play communities in the nation. CTO's net proceeds from the sale are destined for a Section 1031 like-kind exchange, intended to fund the Pompano Citi Centre's purchase retroactively, with surplus funds earmarked for future acquisitions as per the announcement on WFAA.
