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

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.