Premier McAllen retail center trades hands

DALLAS, March 9, 2026 –  JLL Capital Markets announced today that it has secured the sale of Palms Crossing, a 399,075-square-foot retail center located in McAllen, Texas.

JLL represented the seller, WPG. The buyer was CTO Realty Growth, Inc. (NYSE: CTO)

Palms Crossing is strategically positioned at 3300 W Expy 83 in McAllen, serving as a premier retail destination for the Rio Grande Valley region. The 98% leased open-air shopping center sits on 46.6 acres and features prominent national retailers including Hobby Lobby, Restaurant Depot, Best Buy, Burlington, Barnes & Noble and Guitar Center.

The property demonstrates exceptional performance metrics, ranking in the top 3% of shopping centers in Texas with 7.2 million annual visits. Several anchor tenants operate top-performing locations within their respective portfolios, including Hobby Lobby's top 3% store and Best Buy's top 5% store by visits.

McAllen's position as the retail epicenter for the Rio Grande Valley, a region with more than 2.3 million people, drives the property's strong performance. The market generates $10 billion in retail sales annually and captures the second-highest retail tax collection per capita of any city in Texas. The area's proximity to Mexico results in 18 million annual border crossings, creating significant cross-border retail demand.

The property offers additional upside potential with more than five acres of developable land and below-market rents representing 32.3% of current leases. The asset also features four separately platted parcels that present immediate pad spin-off opportunities.

JLL Capital Market’s Investment Sales and Advisory was led by Senior Managing Directors Barry Brown, Chris Gerard and Claudia Steeb and Director Erin Lazarus.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.