- A joint venture between Kite Realty Group and Singapore’s GIC acquired Legacy West for $785M, marking one of the largest US retail real estate transactions of 2025.
- Legacy West includes 344,000SF of retail, 444,000SF of office space, and nearly 800 apartments, with tenants like Gucci, Louis Vuitton, and Toyota North America.
- The purchase solidifies Kite Realty’s position in the Dallas-Fort Worth market, where it now owns more than 20 retail properties.
A Landmark Deal In North Texas
According to the Dallas Morning News, Kite Realty Group and Singapore’s GIC bought Legacy West in west Plano for $785M. The joint venture’s acquisition is one of the largest retail real estate deals of 2025.
A Premium Asset
Developer Fehmi Karahan launched Legacy West in 2014. Since then, it has become one of the most successful mixed-use destinations in the Dallas-Fort Worth area. The 35-acre site features luxury retail brands like Chanel and Tiffany & Co., a 98% leased office portfolio, and 782 apartments.
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Strong Fundamentals
Kite Realty reported average retail sales above $1,000PSF at Legacy West. The company now owns a 52% stake in the property and will manage it. The joint venture also took on a $304M mortgage at a 3.8% interest rate.
A Strategic Acquisition
According to CEO John Kite, opportunities to buy trophy assets like Legacy West are rare. He said the property boosts the quality of their portfolio and supports their long-term growth in the Dallas-Fort Worth area. Notably, Kite already owns more than 20 retail properties in the region, including Southlake Town Square.
Why It Matters
The deal shows continued investor demand for high-performing, mixed-use properties in Sun Belt markets. Legacy West offers a blend of upscale retail, residential units, and corporate offices, with tenants such as Boeing and Toyota North America. This mix sets a strong example for other developments.
What’s Next
The site continues to grow. Ralph Lauren recently announced a new store at Legacy West, although an opening date hasn’t been shared. As fewer top-tier mixed-use properties hit the market, Legacy West may become a blueprint for future urban projects in North Texas.
