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joint venture between Indiana-based Kite Realty Group and Singapore-based GIC has acquired the 35-acre Legacy West mixed-use development in Plano for $785 million. The deal, announced in late April, marks one of the largest real estate transactions in North Texas this year. Invesco Advisers sold the property, which features 344,000 square feet of retail space, 444,000 square feet of office space, and 782 apartments.

    Key tenants at Legacy West include luxury brands Gucci, Louis Vuitton, Tiffany & Co., and Chanel, with office space occupied by major corporations such as Boeing and Toyota's North American operations. The property's average retail sales exceed $1,000 per square foot, according to Kite Realty investor data.

    Kite Realty CEO John Kite said the acquisition enhances the company's portfolio quality and solidifies its position as a prominent owner and operator of lifestyle and mixed-use assets. As operating manager of the joint venture, Kite Realty owns a 52% majority interest and assumed a $304 million mortgage at a 3.8% annual interest rate.

    The Legacy West project was developed by Fehmi Karahan and began construction in 2014. The property continues to attract new tenants, with Ralph Lauren announcing plans to open a store on the site. Kite Realty views Legacy West as a strategic acquisition that aligns with its investment criteria and long-term portfolio vision.