A prominent North Texas retail destination has officially changed hands, marking a major transaction in the region’s commercial real estate landscape.
CTO Realty Growth, Inc. recently announced the sale of the Shops at Legacy North, a 243,000-square-foot open-air lifestyle center located along Dallas Parkway at Legacy Drive. The property sold for $78 million, or roughly $321 per square foot. While the seller has confirmed the transaction via press release, the buyer has not yet been publicly disclosed.
“We are very pleased with the strong pricing achieved on this transaction, which reflects the significant leasing completed at the Shops at Legacy North over the past two years,” said John P. Albright, president and CEO of CTO Realty Growth, in an official statement.
The sale allows the company to reinvest the proceeds into higher-yield opportunities with the goal of boosting near-term financial performance.
A Key Piece Of The Legacy Development
The Shops at Legacy North first opened in 2007 as the third phase of the larger Legacy Town Center development in Plano. Built directly across the Dallas North Tollway from the original Shops at Legacy, the center helped extend the area’s reputation as a destination for upscale shopping, dining and office space.
After more than a decade in operation, the property began a significant renovation in late 2023 aimed at refreshing both its interior and exterior spaces. Those updates have helped reposition the center for a new era of tenants and visitors, aligning it with evolving consumer expectations around design, walkability and dining-forward experiences.
Dining Drives The Momentum
Food has become one of the defining features of Legacy North’s recent evolution. Earlier this year, the center welcomed Le Beef, the newest concept from RNP Concepts, the group behind EG Steak and Bavette Grill. The restaurant quickly drew attention for its approachable yet upscale concept, including a prix-fixe menu priced at $29.95, reinforcing the area’s reputation as a dining hub.
The growing lineup of restaurants has played a key role in boosting leasing activity, a factor CTO Realty Growth cited as central to achieving strong pricing in the sale.
What’s Coming Next
Even with the sale complete, activity at Legacy North is far from slowing down. One of the most anticipated upcoming additions is Legacy Club, a 20,000-square-foot, members-only social club slated to officially open in March 2026.
Photo: Legacy Club
Construction is nearing completion, and membership applications are already open, signaling strong early interest.
Looking Ahead
CTO Realty Growth plans to use the net proceeds from the sale as part of a Section 1031 like-kind exchange, retroactively funding its recent acquisition of Pompano Citi Centre, with remaining funds reserved for future investments. Including this transaction, the company’s year-to-date dispositions total $85.1 million at a weighted average exit cash cap rate in the mid-5% range.
As Legacy North enters its next chapter under new ownership, the combination of recent renovations, strong dining concepts and forthcoming amenities positions the center to remain a cornerstone of the Legacy area for years to come.
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