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John A. Kite And Lim Chow Kiat Acquire Retail Property In Plano For $785 Million

Property Image
SOLD
$785,000,000

Texas

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Retail344,000 SF
Sold 05/12/2025
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Property Image
SOLD

John A. Kite And Lim Chow Kiat Acquire Retail Property In Plano For $785 Million

5905 Legacy Drive

See Similar Deals
Retail344,000 SF
Sold 05/12/2025
the dealplayerscompscontact
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Summary

TEXAS
Asset Type:Retail
Price Per Square Foot:$2,282
Total Square Footage:344,000 SF
Transaction Type:Sale

The retail asset involved in this transaction is located at 5905 Legacy Drive, Plano, TX, encompassing a total area of 344,000 square feet. The property was sold for $785 million, which breaks down to a price per square foot of $2,282. The transaction also involved assuming $304 million in debt. The total acreage of the asset is 35.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $785,000,000
  • Square Footage: 344,000
  • Price Per Square Foot: $2,282
  • Address: 5905 Legacy Drive
  • Market: Plano
  • Acreage: 35
  • Buyer: John A. Kite - Kite Realty Group Trust; Lim Chow Kiat - GIC
  • Broker: Eastdil Secured
  • Kite Realty Group Trust stake: 52%
  • Funds from Credit Facility: $255 million

This transaction was brokered by Eastdil Secured, representing the interests of the buyers, John A. Kite from Kite Realty Group Trust and Lim Chow Kiat from GIC. The strategic acquisition involves significant financial backing, reinforcing the commitment of the buyers to the Legacy West development in Plano.

Players

JK
John A. Kite
5 deals$987.6M volume
BUYER
G
GIC
BUYER

Details

SOLD
IMAGE: John A. Kite & Lim Chow Kiat DATE: 05/12/2025 ADDRESS: 5905 Legacy Drive MARKET: Plano ASSET TYPE: Retail ~ ACRES: 35 BUYER: John A. Kite - Kite Realty Group Trust (@KiteRealtyGroup) ; Lim Chow Kiat - GIC BROKER: Eastdil Secured (@EastdilSecured) SALE PRICE: $785,000,000 SF: 344,000 ~ PPSF: $2,282 NOTE: Kite Realty Group Trust and GIC acquired 344,000 square feet of retail at Legacy West in Plano, TX for $785 million, or $2,282/sf, assuming $304 million in debt. Kite holds a 52% stake and used $255 million from its credit facility; Eastdil Secured brokered the deal.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$41,866,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$2,788,939.19
Cash-on-Cash Return-1.27%
Monthly Debt Service$3,721,300.49
Annual Debt Service$44,655,605.86