CTO Realty Growth (CTO) announced the acquisition of Palms Crossing, an open-air retail center consisting of 399,000 square feet for a purchase price of $81.6M. Palms Crossing is currently 98% leased, anchored by Best Buy, Hobby Lobby, Burlington Coat Factory, Barnes & Noble and Nike. The Property is located on 47 acres in McAllen, Texas with a population of approximately 200,000 within a five-mile radius. Additionally, the Property features two pad sites situated on approximately six acres representing future development opportunities.
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