PLANO, TEXAS — A partnership between Indianapolis-based Kite Realty Group (NYSE: KRG) and Singapore’s GIC has acquired the 344,000-square-foot retail portion of Legacy West, a mixed-use development located in Plano. The $785 million sale marks the largest mixed-use asset transaction in the history of the Dallas-Fort Worth metroplex, according to Prism Places.
Situated at 5908 Headquarters Drive, Legacy West comprises 1.2 million square feet and features 415,000 square feet of retail, restaurant and office space, a 55,000-square-foot food hall, more than 1,300 residential units and a 303-key Renaissance Hotel.
Invesco Real Estate has been the lead equity partner in Legacy West since the project’s inception in 2014, becoming the majority owner of the development in 2019.
Prism Places and Mark Masinter of Open Realty Advisors handled leasing negotiations and the curation of office tenants, retailers and restauranters at Legacy West, which is now more than 95 percent leased. Tenants at the development include Louis Vuitton, Tiffany, Gucci, Tory Burch, Watches of Switzerland, Aritzia, lululemon, Chanel Beauty, Ralph Lauren and Vuori.
“We’re proud to have played a role in shaping this dynamic development — one that integrates thoughtful placemaking and a carefully curated tenant mix, designed to serve the community for years to come,” says Mark Masinter, chairman of Global Retail for Newmark.
Legacy West also features more than 20 various eateries, including the development’s food hall, Legacy Hall, and newer additions such as Japanese restaurant Uchiko.
Legacy West, which opened in 2017, has been managed by Prism Places since 2019. Prism Places’ team produced more than 1,600 events under its management including Legacy North Pole, the Juneteenth Fashion Show and its annual Back to School programs, while raising visitation for the center by 20 percent.
“Becoming a go-to resource for shopping, leisure and play for guests and delivering meaningful growth to Legacy West has always been our goal,” says Stenn Parton, founder and CEO of Prism Places.
Invesco Real Estate is a global leader in the real estate investment management business with $85 billion in real estate assets under management, 605 employees and 21 regional offices across the United States, Europe and Asia Pacific as of Dec. 31, 2024.
Kite Realty Group is a retail REIT that owns interests in 180 U.S. open-air shopping centers and mixed-use assets spanning approximately 27.8 million square feet as of March 31, 2025. The company’s stock price closed on Monday, May 12 at $23.30 per share, up from $20.98 a year ago.
GIC is a Singaporean sovereign wealth fund that has approximately 3,600 employees across six continents. The company has historically owned more than a third of its holdings in U.S. real estate.
— Abby Cox