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Texas  + Houston-Galveston  + Retail  | 

CTO Realty Growth Enters Houston, TX Retail Market With $39.1 Million Acquisition of 205,000-SF Retail Center

CTO Realty Growth, Inc., a Florida-based real estate investment trust that owns and operates a portfolio of retail-based properties throughout the U.S., has acquired Price Plaza Shopping Center, a 205,000-square-foot, multi-tenant retail property in Katy, a submarket of Houston. The purchase price was $39.1 million, or $190 per square foot.

“We’re very pleased to be entering the Houston, Texas market with our acquisition of Price Plaza Shopping Center,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “With its considerable growth driven by a high quality of life and thriving energy, life science and aerospace industries, Houston has long been a top target market for us.”

The Property is 95% occupied and is anchored by Best Buy, Ross Dress for Less, dd’s DISCOUNTS and James Avery Artisan Jewelry. In addition, the Plaza includes four single and multi-tenant outparcels, and is shadow anchored by Home Depot, Sam’s Club and Walmart.

As part of the Property acquisition, the Company assumed an existing $17.8 million mortgage secured by the Property, which bears a fixed interest rate of 4.06% (the “Loan”). The Loan matures in August 2026.

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CTO Realty Growth Inc.

About Erik Hamilton

Erik Hamilton, who has more than 15 years in CRE journalism, is a former staff writer with the Los Angeles Times and the Orange County Business Journal. In addition to The Times and the OCBJ, he was also a reporter and editor for Crittenden Research, The San Bernardino Sun and UPI. Erik also worked six years in CRE public relations with Los Angeles-based Hoyt Organization, where he was a Senior Account Executive. He later joined Lee & Associates where he served as the Director of Corporate Communications. There ,in addition to his work with Lee’s CEO, he managed 57 offices nationwide and provided PR, social media and media training for the offices. A graduate of UC Irvine, with a BA in history, he is an avid record collector where he continues to search for a rare Joy Division single.

  • ◦Sale/Acquisition