Retail investment in the Dallas-Fort Worth area ended the year with a notable transaction, as CTO Realty Growth announced the sale of Shops at Legacy North for $78 million. The sale price equates to about $321 per square foot for the mixed-use center located at 7300 Dallas Parkway in Plano.
While CTO Realty Growth did not disclose the buyer’s identity, Collin County land records indicate that ACH Legacy North Texas, an entity linked to Beaumont-based Albanese Cormier Holdings, acquired the property. The deal was finalized on Friday.
Shops at Legacy North spans 243,000 square feet and was completed in 2007 as part of the larger Legacy Town Center development. According to its website, the center is approximately 85 percent leased and has 31 tenants, including Capital Grille, Benihana, Mexican Sugar, and Mic Drop Comedy. The tenant mix is primarily focused on dining and entertainment.
The development traces back to The Karahan Companies under Fehmi Karahan, who master-developed the original Shops at Legacy. This project served as an early example of building urban-style districts within office parks and contributed to transforming Plano’s Legacy corridor into a significant mixed-use area.
CTO Realty Growth purchased Shops at Legacy North in 2021. Over two years, it worked to fill vacancies left by WeWork’s departure. By the end of this year’s third quarter, CTO had signed a lease with a co-working operator for 30,000 square feet set to open by late 2026. Last year also saw a 20,000-square-foot lease agreement with a members-only social club. CEO John Albright commented on these deals during a recent earnings call: “Those leases helped stabilize the center and set it up for disposition.”
Proceeds from this sale will be invested elsewhere by CTO Realty Growth. This includes their December 15 acquisition of Pompano Citi Centre in Florida—a retail property spanning over half a million square feet.
Following this transaction, CTO’s only remaining asset in Dallas-Fort Worth is Plaza at Rockwall, which was acquired last year. Including this latest sale in Plano, CTO has sold $85.1 million worth of real estate this year with an average exit cash cap rate in the mid-5 percent range.
