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 for $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.
“The Plaza at Rockwall is a great addition to our high-quality, growth markets-focused portfolio, allowing us to increase exposure to the Dallas-Fort Worth metroplex in a high barriers-to-entry submarket with accretive demographics,” said John Albright, president and chief executive officer of CTO Realty Growth. “This acquisition is a terrific opportunity to invest at an attractive cost basis with a strong in-place yield, and it further diversifies our portfolio’s tenant mix, increasing our exposure to leading retailers such as Best Buy, Dick’s Sporting Goods, HomeGoods and Ulta Beauty. Future cash flow growth will be driven by meaningful long-term re-leasing and repo
