CTO Realty Growth Buys Summit Woods Crossing in Lee's Summit, Mo., for $103 Million

CTO Realty Growth, Inc. (NYSE: CTO) announced Oct. 6 that it acquired Summit Woods Crossing, a 545,000-square-foot open-air power center in the Kansas City, Missouri, metro area, for $103.0 million, or $189 per square foot. The company said the property was acquired significantly below replacement cost.

The Winter Park, Fla.-based real estate investment trust said the center sits on 57 acres in Lee's Summit, Missouri, and is nearly 100% occupied.

CTO Realty Growth Deal Details

Summit Woods Crossing is in Lee's Summit, approximately 20 miles southeast of Kansas City. The property is anchored by Lowe's, Kohl's, Best Buy, TJ Maxx and Total Wine. A SuperTarget is also on site but is not owned by CTO Realty Growth.

The center attracts approximately 7.3 million visits annually. Within a five-mile radius, the population is 113,000 and the average household income is $123,000, according to the company.

John P. Albright on the Acquisition

"Summit Woods Crossing is a market-dominant, open-air center that is nearly 100% occupied and strengthens our presence in Kansas City," said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. "The acquisition reflects what we look for in an investment: a purchase price well below replacement cost, an attractive yield, and in-place rents below market."

Albright added that the purchase brings the company's year-to-date investment volume, inclusive of both property and structured investments, to $439 million at a blended initial cash yield of approximately 9.0%. He said the investments have helped grow the portfolio 30% this year, from 5.5 million to 7.1 million square feet.

2026 Investment Activity

The Summit Woods Crossing purchase follows CTO Realty Growth's acquisition of Palms Crossing for $81.6 million, announced in March 2026. The company's 2026 year-to-date investment volume, which includes both property and structured investments, has reached $439 million.

CTO Realty Growth owns and operates open-air shopping centers located primarily in the higher-growth Southeast and Southwest markets of the United States. The Lee's Summit property adds a Kansas City-area asset to a portfolio concentrated in those regions. The company also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.

Open-Air Retail Context

Power centers anchored by home-improvement, off-price, beverage and other necessity-oriented retailers have generally benefited from demand for everyday goods and services, limited new supply in established suburban trade areas, and continued consumer use of physical stores for bulky goods, home improvement and immediate-need purchases. Lowe's and Total Wine are destination retailers, while TJ Maxx and Kohl's serve value-conscious shoppers.

The company said in-place rents at Summit Woods Crossing are below market.

Sources

• GlobeNewswire, CTO Realty Growth Announces Acquisition of Summit Woods Crossing for $103.0 Million: https://www.globenewswire.com/news-release/2026/10/06/3375297/0/en/cto-realty-growth-announces-acquisition-of-summit-woods-crossing-for-103-0-million.html