Legacy West, the 1.15 million-square-foot mixed-use destination in Plano, was recently sold to Kite Realty and Singapore’s GIC sovereign wealth fund for a staggering $785 million. The deal marks the largest sale of a mixed-use asset in Dallas-Fort Worth history, according to a news release.
The sale marks the end of a chapter for Invesco Real Estate, which led the project since its 2017 beginning. Working with Prism Places and Open Realty Advisors, Invesco helped turn Legacy West from a speculative idea into one of the country’s top-performing mixed-use developments.
Legacy West Gets Bigger And Better
Under the leadership of Prism Places Founder and CEO Stenn Parton, who has overseen operations since 2019, Legacy West has grown into far more than a retail and office destination.
“It is a privilege to be stewards of this incredible property in such a dynamic community,” said Parton. “Becoming a go-to resource for shopping, leisure and play for guests and delivering meaningful growth to Legacy West has always been our goal.”
And the growth has been nothing short of remarkable. Since 2019, gross retail sales per square foot have jumped 47%, while net operating income surged 63%. Both retail and office occupancy have remained above 95%. Annual visitor numbers climbed 20% between 2019 and 2024.
The success is rooted in deliberate placemaking. Working closely with Dallas-based Open Realty Advisors and its Chairman of Global Retail, Mark Masinter, Prism and Invesco curated a tenant lineup that includes marquee names like Louis Vuitton, Gucci, Tiffany, Aritzia, Lululemon and Watches of Switzerland. Many of these global luxury brands launched their first stand-alone Texas locations at Legacy West, a move that defied retail conventions and drew regional attention.
“It’s been a privilege to collaborate with the visionary team at Invesco Real Estate, Prism and this notable trade of Legacy West underscores the value generated through our collective efforts,” said Masinter. “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.”
Food, Fun and Foot Traffic
Legacy West’s food and beverage offerings have proven just as compelling, led by popular anchor Legacy Hall and fine-dining newcomers like Uchiko. In total, the property now features more than 20 eateries.
Community activation has also been a priority. Prism’s programming ramped up dramatically under Parton’s direction, from just 19 events in 2019 to 941 in 2024. Signature happenings such as the Legacy North Pole holiday festival, a Juneteenth Fashion Show and annual back-to-school events have become beloved neighborhood staples. Altogether, Prism has produced over 1,600 events at the site.
With this sale, Legacy West enters its next chapter, still thriving as a model of mixed-use development. “We look forward to continuing to execute at the highest level for Legacy West and our guests,” said Parton.
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