Plano’s Shops at Legacy North shopping and office center sells to Florida buyer – The Dallas Morning News

Plano’s Shops at Legacy North shopping and office center sells to Florida buyer – The Dallas Morning News

A Florida investor has purchased one of North Texas’ most popular shopping centers.

The Shops at Legacy North is located at the northeast corner of the Dallas North Tollway and Legacy Drive, in the heart of the Legacy business park.

Built in 2005, the 236,000-square-foot retail and office center was just purchased by Florida-based CTO Realty Growth Inc. in a deal valued at $72.5 million.

“We’re thrilled with our acquisition of The Shops at Legacy, one of the most recognizable and distinctive properties in the Dallas-Fort Worth, Texas, market,“ John P. Albright, president and chief executive officer of Daytona-Beach-based CTO Realty Growth, said in a statement. “We believe this is an excellent addition to our growing, high-quality portfolio.”

Retailers in the property include restaurants The Capital Grille, Seasons 52, Mexican Sugar, Benihana and Ra Sushi. The office section of the property has tenants including Unum, Technologent, Timmons Group, Shift Digital and WeWork.

The mixed-use center is 83% leased.

CTO Realty bought the property in a transaction that included a tax fee exchange and using $12.2 million in cash generated from previous property dispositions. A new $15 million loan was also made in the deal.

The just-sold retail and office center was the second phase of the Shops at Legacy built along the east side of the tollway by developer Karahan Cos. Karahan is the same firm that built the Legacy West Urban Village on the west side of the tollway.

Since 2007, the Shops at Legacy North has been owned by Inland Real Estate Group.

CTO Realty is a real estate investment trust that owns properties in 12 states. Its holdings include retail, office and apartments. The company’s local holdings include the Westcliff Shopping Center in Fort Worth.

The sale of the Shops at Legacy North retail and office center comes at the same time that the adjoining apartment community is on the market.

Legacy North has 1,675 apartments and is expected to fetch close to $300 million if it trades.

Published at Thu, 24 Jun 2021 20:58:20 +0000