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PROPERTY MANAGEMENT NEWS
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Vestar Awarded Asset Management Assignment for 236k sf TX Retail Center

7/16/21

CTO Realty Growth Inc has awarded Vestar the asset management assignment for The Shops at Legacy North, a 236k sf, retail-driven mixed-use lifestyle property in Plano, TX. CTO Realty Growth acquired the property in June 2021.

The Shops at Legacy North, which was constructed in 2007 and includes nearly 1,000 parking spaces, is currently 83% occupied and is situated on 12.7 acres across the Dallas North Tollway from Legacy West at the core of the 2,665-acre master-planned Legacy District, one of the premier live-work-play communities in the United States. The property has excellent accessibility to a large concentration of Fortune 500 Companies, is surrounded by approximately 8,000 apartment units and nearly 2,500 hotel rooms, and benefits from excellent demographics with a daytime population of more than 160,000 people, a five-mile population of approximately 316,000 and five-mile average household incomes of more than $141,000.

The retail portion of the property, which represents 121.5k sf, boasts a diversified mix of upscale, amenity-driven retailers and is anchored by a variety of national and local restaurants, including The Capital Grille, Seasons 52, Mexican Sugar, Benihana and Ra Sushi. The office component of the property, which totals 114.9k sf, includes notable tenants such as Unum, Technologent, Timmons Group, BRP and Shift Digital, and is anchored by WeWork’s technology and amenity-based Enterprise Model coworking space, which occupies approximately 59k sf and has more than 12 years of term remaining on their lease.

This new assignment will boost Vestar’s portfolio of managed assets in the Dallas/Ft. Worth area to 740k sf of space. Vestar operates over 30 msf of premium retail space throughout the western United States.





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