CTO Realty Growth acquires 545,000‑sq‑ft Kansas City power center for $103 million
CTO Realty Growth announced the purchase of Summit Woods Crossing, a 545,000‑square‑foot open‑air shopping center in the Kansas City metro area, for $103.0 million, or $189 per square foot. The property is almost fully occupied and is anchored by major retailers such as Lowe’s, Kohl’s, Best Buy and SuperTarget. The deal raises CTO’s year‑to‑date investment total to $439 million and brings its blended initial cash yield to roughly 9.0 percent. CEO John P. Albright said the acquisition was made well below replacement cost and supports a 30 percent portfolio growth this year.
Why it matters
The company says the acquisition lifts its 2026 investment volume to $439 million and improves its cash‑yield profile, which could enhance dividend sustainability for shareholders. The added square footage expands CTO’s exposure to the high‑growth Southeast and Southwest markets.
Key facts
- 1CTO bought Summit Woods Crossing for $103.0 million, or $189 per square foot. globenewswire.com
- 2The property measures 545,000 square feet and sits on 57 acres. globenewswire.com
- 3The acquisition brings year‑to‑date investment volume to $439 million. globenewswire.com
- 4The blended initial cash yield of the portfolio is approximately 9.0 percent. globenewswire.com
- 5CTO’s portfolio grew 30 percent this year, from 5.5 million to 7.1 million square feet. globenewswire.com
Summary written by AlphAI from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.