Legacy West Sells for $785M in Landmark Deal, Cementing Its Status as DFW’s Premier Mixed-Use Development
In one of the largest retail and real estate transactions of 2025, a joint venture between Indiana-based Kite Realty Group and Singapore’s sovereign wealth fund GIC has acquired Plano’s iconic Legacy West for $785 million. The purchase further solidifies the development’s status as the crown jewel of North Texas mixed-use real estate and underscores investor confidence in the Dallas-Fort Worth market.
Announced in late April, the deal involves 35 acres of premier real estate, including 344,000 square feet of high-end retail, 444,000 square feet of office space, and 782 luxury residential units. According to Collin County deed records, the seller was Invesco Advisers, with Kite Realty taking a 52% majority stake in the joint venture and stepping in as the operating manager.
“Opportunities to acquire iconic mixed-use assets are rare,” said John Kite, CEO and Chairman of Kite Realty Group, during the company’s Q1 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.”
A Mixed-Use Masterpiece
Originally developed by Fehmi Karahan in 2014, Legacy West has become a landmark destination in west Plano. The area’s upscale mix of luxury retailers Gucci, Chanel, Louis Vuitton, Tiffany & Co., and most recently announced Ralph Lauren has transformed the district into a lifestyle magnet. Office space in the development is currently 98% leased, with major tenants including Toyota North America and Boeing.
The broader Legacy business district boasts 10 million square feet of office space, establishing the area as one of the most powerful economic engines in North Texas.
“Legacy West is the largest and arguably most successful mixed-use development in the region,” said Steve Triolet, SVP of Research at Partners Real Estate. “Its unique blend of luxury retail, dense corporate presence, and multifamily housing creates a mall-like vibrancy that no other DFW project has matched.”
Strategic Expansion for Kite
For Kite Realty Group, the acquisition continues a strategic expansion in the Dallas-Fort Worth metroplex, where the firm already owns more than 20 retail centers, including Southlake Town Square. In its investor presentation, Kite noted that retail sales at Legacy West top $1,000 per square foot, far exceeding national averages, a clear indicator of the property’s prime performance.
The deal also involved the assumption of a $304 million mortgage at a favorable 3.8% fixed interest rate, enhancing the financial appeal of the transaction.
“We viewed Legacy West as a property that aligns with our investment criteria and long-term portfolio vision,” Kite added.
Looking Ahead
As the DFW region continues to attract corporate relocations, high-income residents, and tourism, Legacy West stands out not just for its scale, but for its ability to fuse commerce, lifestyle, and live-work-play functionality. With fresh investment and management from Kite and GIC, the development is poised to maintain its premier status and potentially expand its offerings even further.
In a time when retail and real estate investments are being scrutinized more closely than ever, Legacy West’s $785 million sale is a bold statement: the future of mixed-use development in North Texas is just getting started.
