John P. Albright Of CTO Realty Growth Acquires Palms Crossing Retail Asset In McAllen For $81.6M

The asset involved in the transaction is a 399,000-sq.-ft. retail property located at 3300 East Expressway 83 in McAllen, Texas. The sale resulted in a total transaction amount of $81,600,000 for a 47-acre open-air retail space that is 98% leased. The property features notable tenants including Best Buy, Hobby Lobby, and Nike.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $81,600,000
• Square Footage: 399,000
• Price Per Square Foot: $205
• Address: 3300 East Expressway 83
• Market: McAllen
• Acres: 47
• Buyer: John P. Albright - CTO Realty Growth

CTO Realty Growth Inc. executed the acquisition, planning to finance the purchase with cash and a revolving credit facility. The company is considering selling another property in mid-2026 to retroactively finance this acquisition.