WINTER PARK, Fla., March  02, 2026  (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE:CTO) (the &#34;Company&#34; or &#34;CTO&#34;), a leading owner and operator of high-quality, open-air shopping centers located in the higher growth

CTO Realty Growth Announces Acquisition of Palms Crossing for $81.6 Million

CTO Realty Growth Acquires High-Quality Retail Center in Texas

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>WINTER PARK, Fla., March  02, 2026  (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE:CTO) (the &amp;#34;Company&amp;#34; or &amp;#34;CTO&amp;#34;), a leading owner and operator of high-quality, open-air shopping centers located in the higher growth</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>CTO Realty Growth has announced the acquisition of the Palms Crossing retail center for $81.6 million. This property, anchored by major retailers and nearly fully leased, is expected to enhance CTO&#039;s revenues and solidify its presence in Texas, potentially increasing its market value.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>CTO acquires Palms Crossing for $81.6 million.</li><li>Property is 98% leased, improving cash flow.</li><li>Texas now third largest state for CTO&#039;s Cash ABR.</li><li>Future development opportunities exist on the property.</li><li>Acquisition financing with cash and credit facility.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Best Buy (BBY)</strong>: Anchors the property, contributing to stable lease income.</li><li><strong>Hobby Lobby (HLOB)</strong>: Major tenant enhancing the retail mix of Palms Crossing.</li><li><strong>Nike (NKE)</strong>: Strong brand presence attracts foot traffic, supporting tenant revenue.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This acquisition falls under &#039;Corporate Developments&#039; as it enhances CTO&#039;s portfolio and geographic diversification, which is crucial for growth in the retail sector amid evolving consumer patterns.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Palms Crossing&#039;s 98% lease rate indicates strong cash flow potential.</li><li>Texas becoming key contributor boosts market presence significantly.</li><li>Future development opportunities may increase property value.</li><li>Use of cash and credit for acquisition signals financial health.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Palms Crossing consists of 399,000 square feet.</li><li>CTO paid $81.6 million for the acquisition.</li><li>Property is 98% leased to major retailers.</li><li>CTO&#039;s Cash ABR from key states rises to 85%.</li><li>Acquisition to be funded by cash and credit facility.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>CTO shares are likely to increase in value following the acquisition boosting cash flow; buy within the next quarter.</p>
  </section>
</section>


<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><p align="justify">WINTER PARK, Fla., March  02, 2026  (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CTO">CTO</a>) (the "Company" or "CTO"), a leading owner and operator of high-quality, open-air shopping centers located in the higher growth Southeast and Southwest markets of the United States, today announced the acquisition of Palms Crossing (the "Property"), an open-air retail center consisting of 399,000 square feet for a purchase price of $81.6 million.</p>  <p align="justify">Palms Crossing is currently 98% leased, anchored by Best Buy, Hobby Lobby, Burlington Coat Factory, Barnes &amp; 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.</p>  <p align="justify">With this acquisition, Texas becomes the Company's third largest state by annualized cash base rent ("Cash ABR") and the percentage of Cash ABR from Georgia, Florida, Texas and North Carolina increases to 85%.</p>  <p align="justify">The Company plans to initially fund the acquisition with available cash and availability under our revolving credit facility. In mid-2026, we expect to sell a property with proceeds used to retroactively fund the Palms Crossing acquisition.</p>  <p align="justify"><strong><u>About CTO Realty Growth, Inc.</u></strong></p>  <p align="justify">CTO Realty Growth, Inc. owns and operates high-quality, open-air shopping centers located in the higher growth Southeast and Southwest markets of the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PINE">PINE</a>), a publicly traded net lease REIT.</p>  <p align="justify">We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at <a href="https://www.globenewswire.com/Tracker?data=yHt9SEplAqfEuVsdHU7o1JQlvQ1ebI5iESQvYC66N9stWu3wKNm7HSqL9hlo_sag9QE3lm_AFd2MhUvEocGdsw==" rel="nofollow" target="_blank">www.ctoreit.com</a>.</p>  <p><strong><u>Safe Harbor</u></strong></p>  <p align="justify">Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as "outlook," "believe," "estimate," "expect," "intend," "anticipate," "will," "could," "may," "should," "plan," "potential," "predict," "forecast," "project," and similar expressions, as well as variations or negatives of these words.</p>  <p align="justify">Although forward-looking statements are made based upon management's present expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company's actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company's ability to remain qualified as a REIT; the Company's exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk associated with the Company investing in commercial loans and similarly structured investments; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 Pandemic and its variants, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company's financial condition and results of operations; the inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company's investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other risks and uncertainties discussed from time to time in the Company's filings with the U.S. Securities and Exchange Commission.</p>  <p align="justify">There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.</p> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTY2MzgyOCM3NDYyMTYyIzIwOTg4NjQ="></img> <br></br><img alt="" src="https://ml.globenewswire.com/media/NjViNWJmOTYtMTQwZS00MWYxLTg3NWEtM2VlNWI1MGZkNmVjLTExMTA0MzUtMjAyNi0wMy0wMi1lbg==/tiny/CTO-Realty-Growth-Inc-.png" referrerpolicy="no-referrer-when-downgrade"></img><pre>Contact:
Investor Relations
ir@ctoreit.com</pre><p><a href="https://www.globenewswire.com/NewsRoom/AttachmentNg/17cfb500-0bd7-4777-b24a-6743e87f855f"><img src="https://ml.globenewswire.com/media/17cfb500-0bd7-4777-b24a-6743e87f855f/small/cto-realty-growth-logo-no-ticker-jpg.jpg" border="0" width="150" height="108" alt="Primary Logo"></img></a></p>

CTO Realty Growth has announced the acquisition of the Palms Crossing retail center for $81.6 million. This property, anchored by major retailers and nearly fully leased, is expected to enhance CTO's revenues and solidify its presence in Texas, potentially increasing its market value.

CTO Realty Growth Announces Acquisition of Palms Crossing for $81.6 Million

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

Related News