The property includes about 344,000 square feet of retail, 444,000 square feet of office, and 782 multifamily housing units.PLANO, Texas — A popular North Texas shopping hub was recently bought by investors for $785 million.Plano's Legacy West, the shopping destination at the southwest corner of the Dallas North Tollway and State Highway 121, was acquired by Kite Realty Group, an Indiana-based real estate investment trust, in a joint venture with Singapore-based GIC announced in late April.The property includes abo...
The property includes about 344,000 square feet of retail, 444,000 square feet of office, and 782 multifamily housing units.
PLANO, Texas — A popular North Texas shopping hub was recently bought by investors for $785 million.
Plano's Legacy West, the shopping destination at the southwest corner of the Dallas North Tollway and State Highway 121, was acquired by Kite Realty Group, an Indiana-based real estate investment trust, in a joint venture with Singapore-based GIC announced in late April.
The property includes about 344,000 square feet of retail, 444,000 square feet of office, and 782 multifamily housing units, according to a press release.
Legacy West features 300,000-plus square feet of restaurants, retail and entertainment, including Gucci, Louis Vuitton, Tiffany & Co., Ralph Lauren, and more. Kite Realty Group also owns Southlake Town Square in North Texas.
“In addition to another strong quarter, the KRG team is proud to announce the acquisition of Legacy West through a recently formed strategic joint venture with GIC, a global institutional investor,” said Kite Realty Group Chair and CEO John A. Kite in an April 30 press release on their 2025 first-quarter operating results. “Legacy West is an iconic mixed-use asset with significant mark-to-market potential that further establishes KRG’s prominent presence in the Dallas MSA.”
Kite owns a 52% majority interest in Legacy West, with GIC owning the other 48%. Kite's share of the purchase was $408 million, according to a press release.
As part of the deal, the joint venture assumed a $304 million mortgage at a 3.8% annual interest rate, according to a press release.
Our content partners at the Dallas Business Journal report that the Legacy West property was originally developed by Karahan Cos., KDC, and Columbus Realty on land surrounding the old JCPenney headquarters.
“The intersection of [State Highway] 121 and the toll road is what I call downtown North Texas," Bob Young, executive managing director at retail real estate firm Weitzman, told the Dallas Business Journal. ”We cooperate and compete with everybody to elevate the standards and have a better product for the consumers. I just think that's kind of a personality of what's happening in North Texas."