Vestar Selected to Manage the Shops of Legacy North in Plano, Texas
Vestar, one of the leading privately held shopping center owners and managers in the western United States, has been retained by CTO Realty Growth, Inc. (NYSE: CTO) as the asset management company for The Shops at Legacy North, an approximately 236,000 square foot retail-driven mixed-use lifestyle property in Plano, Texas. CTO Realty Growth, Inc. acquired the property in June 2021.
This new assignment will expand Vestar’s portfolio of managed assets in the Dallas/Ft. Worth area to 740,000 square feet. Its team brings a wealth of experience, leadership, and resources to The Shops at Legacy North. Geared toward management of quality institutional assets, Vestar operates over 30 million square feet of premium retail space throughout the western United States.
“Post-COVID, the role of a shopping center’s property manager has become more important as consumer habits, tenant needs and marketing continues to evolve,” said Patrick McGinley, SCSM, President of Management Services. “Vestar will add significant value to the property through our strategic management and marketing services. Dallas/Ft. Worth is an important market for us and we are excited to continue our growth in the Southwest.”
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 121,496 square feet, 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 114,936 square feet, 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 59,000 square feet and has more than 12 years of term remaining on their lease.