Boot Barn and Barnes & Noble Open at Plaza at Rockwall, Boosting Occupancy at the Center to 99%

Rhea-AI Summary

CTO Realty Growth (NYSE: CTO) has announced the successful opening of two major retail tenants at its Plaza at Rockwall shopping center in the Dallas-Ft. Worth MSA. Barnes & Noble opened a 20,388-square-foot store on August 27, 2025, while Boot Barn launched a 15,000-square-foot location on September 2, 2025.

The strategic tenant additions have boosted the Center's occupancy to 99.1%. The 446,487-square-foot open-air retail center, spanning 42 acres, is anchored by national retailers including Dick's Sporting Goods, Ulta Beauty, Best Buy, and HomeGoods. These new openings align with CTO's strategy to enhance its tenant mix in high-growth suburban markets.

Positive

• Center occupancy increased to 99.1% following new tenant openings
• Strategic backfill of vacant spaces with destination retailers Barnes & Noble and Boot Barn
• Property located in fast-growing Dallas-Ft. Worth MSA with strong national anchor tenants

Negative

• Exposure to retail sector risks including changing consumer preferences
• Vulnerable to macroeconomic factors including inflation and interest rate volatility

Insights

REIT Investment Analyst

CTO boosts Plaza at Rockwall to 99.1% occupancy with strategic Barnes & Noble and Boot Barn additions, demonstrating effective tenant repositioning.

CTO Realty Growth has successfully executed two strategic tenant replacements at its Plaza at Rockwall shopping center, pushing occupancy to an impressive 99.1%. The company has transformed a former Staples location into a 20,388-square-foot Barnes & Noble and converted an ex-JoAnn's space into a 15,000-square-foot Boot Barn store.

These tenant replacements demonstrate several positive operational aspects of CTO's management approach. First, the REIT is effectively mitigating vacancy risk by quickly backfilling spaces left by struggling or departed retailers. Second, they're upgrading the tenant quality by replacing older concepts with retailers that have stronger current consumer appeal and traffic-driving potential.

The 446,487-square-foot Plaza at Rockwall benefits from strong co-tenancy with national anchors including Dick's Sporting Goods, Ulta Beauty, Best Buy, and HomeGoods. This tenant mix creates a destination shopping environment that should support consistent foot traffic. The center's location within the Dallas-Fort Worth MSA positions it to capture spending from one of America's fastest-growing metropolitan regions.

For REITs, occupancy directly correlates with revenue generation and NOI (Net Operating Income). Near-full occupancy not only maximizes current income but also enhances negotiating leverage with existing tenants during renewal discussions. The fact that CTO has achieved 99.1% occupancy indicates strong demand for their retail space and effective leasing execution in a retail environment that remains challenging for many shopping center owners.

This announcement reflects CTO's stated strategy of focusing on open-air shopping centers in high-growth Southeastern and Southwestern markets, with particular emphasis on creating destination-oriented tenant mixes that resist e-commerce pressures and meet evolving consumer preferences.

WINTER PARK, Fla., Sept. 03, 2025 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) is pleased to announce the grand opening of two new tenants at Plaza at Rockwall, an open-air destination retail center in Rockwall, Texas (the “Center”), within the Dallas-Ft. Worth MSA.

Barnes & Noble, the iconic bookseller, debuted its 20,388-square-foot store on August 27, 2025, repurposing a former Staples location. We believe that this strategic backfill aligns with CTO’s commitment to attracting destination-driven retail to high-growth suburban markets.

Boot Barn, a nationally recognized retailer specializing in western and workwear, launched its 15,000-square-foot store on September 2, 2025, previously occupied by JoAnn’s. We believe that this addition enhances the Center’s merchandising mix and brings a high-performing brand to the community.

Plaza at Rockwall consists of 446,487 square feet on 42 acres located in a fast-growing suburb of Dallas. The Center is anchored by leading national retailers including Dick’s Sporting Goods, Ulta Beauty, Best Buy, and HomeGoods. The opening of Boot Barn and Barnes & Noble has been instrumental in improving occupancy at the Center to 99.1%.

“We’re thrilled to welcome Boot Barn and Barnes & Noble to Plaza at Rockwall,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “These openings reflect our ongoing strategy to introduce strong retailers to curate a vibrant tenant mix that meets the evolving consumer demand and creates long-term value for our stakeholders.”

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. owns and operates high-quality, open-air shopping centers located in the higher growth Southeast and Southwest markets of the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE).

We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com.

Safe Harbor 

Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words. Statements, among others, relating to enhancing the Center’s merchandising mix, bringing a high-performing brand to the community, Plaza at Rockwall’s location in a fast-growing suburb of Dallas, and the Company’s ongoing strategy to boost occupancy and curate a dynamic tenant mix that meets the evolving needs of the community and create long-term value for the Company’s stakeholders are forward-looking statements.

Although forward-looking statements are made based upon management’s present expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk associated with the Company investing in structured investments; the impact of epidemics or pandemics on the Company’s business and the businesses of its tenants or borrowers and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally; the inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their businesses; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission.

There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

Contact:
Investor Relations
ir@ctoreit.com

FAQ

What new stores opened at CTO Realty's Plaza at Rockwall in 2025?

Barnes & Noble opened a 20,388-square-foot store on August 27, 2025, and Boot Barn opened a 15,000-square-foot location on September 2, 2025.

What is the current occupancy rate at Plaza at Rockwall after the new store openings?

The occupancy rate at Plaza at Rockwall increased to 99.1% following the openings of Barnes & Noble and Boot Barn.

How large is CTO's Plaza at Rockwall shopping center?

Plaza at Rockwall is a 446,487-square-foot open-air retail center situated on 42 acres in Rockwall, Texas.

Who are the anchor tenants at Plaza at Rockwall?

The center is anchored by leading national retailers including Dick's Sporting Goods, Ulta Beauty, Best Buy, and HomeGoods.

What previous stores did Barnes & Noble and Boot Barn replace at Plaza at Rockwall?

Barnes & Noble replaced a former Staples location, while Boot Barn took over a former JoAnn's space.