CTO Realty Growth Provides Leasing Update at the Shops at Legacy

Rhea-AI Summary

CTO Realty Growth (NYSE: CTO) announced a leasing update at the Shops at Legacy, a 243,000 square foot mixed-use lifestyle center in Dallas, Texas.

The company signed a 30,000 sq ft, 10-year lease with a co-working operator slated to open in 2026, and previously signed a 20,000 sq ft private members club in Q3 2024. Over the past two years CTO executed nearly 60,000 sq ft of smaller shop leases across restaurants, fitness, and retail. As a result, leased occupancy at the center is now approximately 85%.

Positive

• Signed 30,000 sq ft 10-year lease with co-working operator
• Previously signed 20,000 sq ft private members club (Q3 2024)
• Executed nearly 60,000 sq ft of smaller shop leases over two years
• Leased occupancy increased to approximately 85%

Negative

• Approximately 15% vacancy remains at the Shops at Legacy
• Co-working space opening is slated for 2026 and not yet operating

Insights

Real Estate Leasing Analyst

Leasing progress at the Shops at Legacy raises occupancy to 85%, signalling stronger tenant demand and stabilization.

CTO Realty Growth secured a 30,000 square foot, 10-year lease with a co-working operator slated to open in 2026, adding to a previously signed 20,000 square foot private club and roughly 60,000 square feet of smaller shop leases over two years. These moves materially reduce vacancy in the 243,000 square foot Shops at Legacy and raise leased occupancy to about 85%, which directly improves cash‑flow visibility for the property assuming rent commencements occur as planned.

The centre’s business mechanism is simple: longer-term, larger leases (the 10-year co-working deal) increase lease term stability while smaller, experiential tenants (restaurants, fitness) drive foot traffic and ancillary sales. Execution risks include tenant openings slipping beyond planned 2026 start dates and potential rent concessions or phased occupancy that could delay cash collection. Watch for lease commencement dates, any disclosed rent or TI allowances, and subsequent occupancy updates over the next 6–12 months to confirm cash flow realization.

WINTER PARK, Fla., Nov. 14, 2025 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), an owner and operator of high-quality open-air retail centers located predominately in high-growth markets across the Southeast and Southwest, has signed a 30,000 square foot, 10-year lease with a co-working operator slated to open in 2026 at the Shops at Legacy – a 243,000 square foot mixed-use lifestyle center in Dallas, Texas.

This lease, together with the 20,000 square foot private, members-only social club signed in the third quarter 2024, substantially fills the vacancy. Further, over the past two years, CTO has also executed nearly 60,000 square feet of smaller shop leases with a diverse mix of restaurants, fitness studios, and retail concepts. These additions are expected to further enhance the energy and appeal of the center.

As a result of this leasing momentum, leased occupancy now stands at approximately 85%. The center features a vibrant mix of upscale, amenity-rich retailers and is anchored by a variety of national and local restaurants.

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 expected store openings in 2026 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 lease did CTO (NYSE: CTO) sign at Shops at Legacy on November 14, 2025?

CTO signed a 30,000 sq ft, 10-year lease with a co-working operator, slated to open in 2026.

What is the leased occupancy at Shops at Legacy after CTO's November 2025 update?

Leased occupancy is reported at approximately 85%.

How much space has CTO leased at Shops at Legacy since Q3 2023?

CTO executed nearly 60,000 sq ft of smaller shop leases over the past two years.

What prior large lease did CTO report at Shops at Legacy in Q3 2024?

CTO signed a 20,000 sq ft private, members-only social club in Q3 2024.

When will the new co-working operator at Shops at Legacy open according to CTO?

The co-working operator is slated to open in 2026.

How large is the Shops at Legacy center referenced by CTO (NYSE: CTO)?

The Shops at Legacy is a 243,000 square foot mixed-use lifestyle center in Dallas, Texas.