CTO Realty Growth's John P. Albright Leads $63.3M Acquisition of Zona Rosa Mixed-Use Center in Kansas City

KANSAS CITY, Mo. — Sept. 14, 2026 — CTO Realty Growth, Inc. (NYSE: CTO) has acquired Zona Rosa, a 768,000-square-foot mixed-use center located in Kansas City, Missouri, for $63.3 million, or $82 per square foot. The transaction marks the Winter Park, Florida-based REIT's entry into the Kansas City market and adds a value-add repositioning opportunity to its growing open-air retail portfolio.

John P. Albright, President and Chief Executive Officer of CTO Realty Growth, said the acquisition pushes the company's 2026 year-to-date property acquisition volume above $200 million at a blended entry cash cap rate of 8.2%. Including structured investments, 2026 activity totals $334 million at a blended initial cash yield of 9.5%.

"Zona Rosa is a leading mixed-use center located in one of Kansas City's fastest-growing neighborhoods, ringed by average household income levels of $124,000 within 5 miles," John P. Albright said in a statement accompanying the announcement.

Property Profile and Leasing Status

Zona Rosa is located at 8640 N. Dixson Avenue in Kansas City's Northland submarket, near I-29 and Barry Road, approximately six miles from Kansas City International Airport. The 64-acre center is currently 67% leased, with anchors including Dick's Sporting Goods, Barnes & Noble, Old Navy, Burlington, and DSW.

The property draws approximately 5.5 million visits annually and has no comparable retail and entertainment destination within a 20-minute drive, according to CTO. The five-mile trade area has a population of approximately 100,000.

The center includes 10 acres of entitled development land and roughly 100,000 square feet of underutilized space that CTO has identified for future repositioning. The company said it acquired the asset significantly below replacement cost.

Value-Add Strategy and Repositioning Plans

CTO characterized Zona Rosa as a long-term, multi-phase revitalization opportunity. At 67% leased, the property sits well below stabilized occupancy levels typical of open-air retail centers, giving the company room to pursue value creation through tenant backfill and redevelopment rather than relying on immediate stabilized cash flow.

CTO's broader investment strategy focuses on high-quality, open-air shopping centers primarily in higher-growth Southeast and Southwest markets, making the Kansas City acquisition a geographic expansion for the firm.

Kansas City International Airport recently completed a $1.5 billion new terminal project, reinforcing traffic and visibility for nearby retail and mixed-use assets in the corridor. Kansas City retail cap rates stood at 8.2% in early 2026, up from prior periods, reflecting a market where investors are demanding higher yields while still transacting on quality assets.

2026 Investment Activity and Financial Context

The Zona Rosa acquisition is the latest in an accelerating pace of deal activity for CTO Realty Growth in 2026. In its second-quarter 2026 results, the company reported $152.6 million of investments at a 10.2% weighted-average yield and $90.7 million of dispositions at a 6.7% exit cash cap rate, a spread that supports its capital recycling model.

CTO also raised its 2026 investment volume outlook to $300 million to $400 million, up from a prior range of $175 million to $250 million. The company reported second-quarter 2026 net income of $0.38 per diluted share, Core FFO of $0.53 per diluted share, and AFFO of $0.55 per diluted share.

Same-property net operating income growth guidance for shopping centers was raised to 5.0% to 6.0% from a prior range of 3.5% to 4.5%.

About CTO Realty Growth

CTO Realty Growth owns and operates open-air shopping centers located primarily in higher-growth Southeast and Southwest markets of the United States. The company also externally manages and holds a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT. Additional investor information is available at www.ctoreit.com.