Legacy West – at 1.15 million square feet the largest mixed-use centre in the Dallas-Fort Worth market – has been acquired for $785M.
Kite Realty and GIC acquired the centre from Invesco Real Estate, which claims the sale to be the highest price paid for a mixed-use property in the region.
In 2015, Invesco partnered with local developer Fehmi Karahan to combine top-brand retail, hundreds of multifamily units and office space on a former cornfield. The total original development cost was $282M, according to the commercial real estate coaching firm CRE Analyst.
Since its inception, Legacy West has been operated by Prism Places and Open Realty Advisors, a Dallas-based firm owned by Newmark that oversaw the street-level strategic planning and retail leasing for the project.
Open Realty’s high-profile tenant curation succeeded in turning Legacy West into a regular stop for high-income residents in DFW. The centre’s directory includes Louis Vuitton, Tiffany, Gucci, Watches of Switzerland, Lululemon, Chanel Beauty and Ralph Lauren.
“It’s been a privilege to collaborate with the visionary team at Invesco Real Estate and Prism,” said Mark Masinter, Chairman of Global Retail at Newmark. “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.”
Legacy West features more than 20 food and beverage options, which included the Legacy Hall and new additions such as the elevated Japanese eatery Uchiko. The property hosted nearly 1,000 events in 2024, among them Legacy North Pole and the Juneteenth Fashion Show.
