CTO Realty Growth, Inc. has acquired the 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 CTO’s current guidance for initial cash yields and was funded by draws from its unsecured revolving credit facility structured as a reverse like-kind exchange in anticipation of possible future income property dispositions by the Company.
Plaza at Rockwall is situated on 42 acres along I-30 just over 20 miles northeast of downtown Dallas and is 95% occupied with anchor tenants including Best Buy, Ulta Beauty, Dick’s Sporting Goods , JCPenney , Belk , Five Below and HomeGoods .
