Investors Purchase Plano Mixed-Use Development for $785 Million
Investors purchased a Plano mixed-use development for $785 million in recent weeks — one of the region’s largest retail real estate deals of 2025.
The joint venture of Indiana-based Kite Realty Group and Singapore-based GIC acquired Legacy West in a deal announced in late April. Collin County deed records list the seller as Invesco Advisers.
About Legacy West
The 35-acre site currently includes 344,000 square feet of retail, 444,000 square feet of office and 782 apartments. Key retail tenants include Gucci, Louis Vuitton, Tiffany & Co., and Chanel. Office space is 98% occupied and larger corporate tenants include Boeing and Toyota’s North American operations.
Several factors made the deal enticing for Kite. The purchase adds to Kite Realty’s growing Dallas-Fort Worth portfolio. It owns more than 20 retail developments in the market, including Southlake Town Square.
Why the Deal Was Made
Average retail sales at Legacy West exceeded $1,000 per square foot, according to a Kite investor presentation.
“Opportunities to acquire iconic mixed-use assets are rare‚” said John Kite, CEO and Chairman of Kite Realty Group, during his company’s first-quarter earnings call. “Legacy West instantly enhances our portfolio quality and solidifies KRG’s position as one of the prominent owners and operators of significant lifestyle and mixed-use assets.”
Details of the Deal
Kite Realty will act as the operating manager of the joint venture. The company owns a 52% majority interest. Under the deal, the joint venture assumed a $304 million mortgage at a 3.8% annual interest rate.
The $3 billion Legacy West project was the work of developer Fehmi Karahan. Work began on the west Plano development in 2014, according to Dallas Morning News archives.
New Developments
The project is adding new tenants as well. Ralph Lauren announced last week that it would open a store, but no opening details have been provided.
“We viewed Legacy West as a property that aligns with our investment criteria and long-term portfolio vision,” Kite said.
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Conclusion
In conclusion, the purchase of Legacy West by Kite Realty Group and GIC is a significant deal in the retail real estate market. The development offers a mix of retail, office, and residential space, and its prime location in Plano makes it an attractive investment opportunity. With the addition of new tenants and the potential for future growth, Legacy West is sure to remain a prominent development in the Dallas-Fort Worth area.
Frequently Asked Questions
Here are some frequently asked questions about the purchase of Legacy West:
Q: Who purchased Legacy West? A: The joint venture of Indiana-based Kite Realty Group and Singapore-based GIC purchased Legacy West.
Q: How much did the purchase cost? A: The purchase cost $785 million.
Q: What is included in the Legacy West development? A: The development includes 344,000 square feet of retail, 444,000 square feet of office, and 782 apartments.
Q: Who are some of the key retail tenants at Legacy West? A: Key retail tenants include Gucci, Louis Vuitton, Tiffany & Co., and Chanel.
Q: What is the occupancy rate of the office space at Legacy West? A: The office space is 98% occupied.
Q: Who are some of the larger corporate tenants at Legacy West? A: Larger corporate tenants include Boeing and Toyota’s North American operations.
