CTO Realty Growth, Inc. acquired the Plaza at Rockwall, a 446,500 square foot multi-tenant retail power center in the Rockwall submarket of Dallas. The purchase price was $61.2 million. CTO says the purchase price represents a going-in cap rate above the range of the Company’s current guidance for initial cash yields.

The property was purchased using draws from the Company’s unsecured revolving credit facility. The acquisition was structured as a reverse like-kind exchange in anticipation of possible future income property dispositions by the Company.

Plaza at Rockwall is situated on 42 acres along I-30, just over 20 miles northeast of downtown Dallas, Texas. The Property is 95% occupied and is anchored by Best Buy, Ulta Beauty, Dick’s Sporting Goods, JCPenney, Belk, Five Below, and HomeGoods.