CTO Realty Growth has acquired Palms Crossing, a 399,075-square-foot retail center located in McAllen, Texas.
Palms Crossing is located at 3300 W Expy 83 in McAllen. The 98 percent leased open-air shopping center sits on 46.6 acres and features national retailers, including Hobby Lobby, Restaurant Depot, Best Buy, Burlington, Barnes & Noble and Guitar Center.
McAllen's position as the retail epicenter for the Rio Grande Valley, a region with more than 2.3 million people, drives the property’s strong performance. The market generates $10 billion in retail sales annually and captures the second-highest retail tax collection per capita of any city in Texas.
The property offers additional upside potential, with more than five acres of developable land and below-market rents representing 32.3 percent of current leases. The asset also features four separately platted parcels that present immediate pad spin-off opportunities.
JLL represented the seller, W
