JLL Arranges Equity Recapitalization of Kroger-Anchored Legacy Drive Village in Plano for Weitzman
JLL Capital Markets has arranged an institutional equity recapitalization of Legacy Drive Village, a 138,266-square-foot Kroger-anchored retail center in Plano, Texas, on behalf of a joint venture managed by The Weitzman Group, the firms announced Aug. 11, 2026.
JLL represented the existing ownership — a joint venture managed by The Weitzman Group — in bringing in an institutional investor as an equity partner in the property. The transaction was structured as a recapitalization rather than an outright sale, allowing the existing ownership to retain involvement in the asset while securing institutional capital.
Property Overview: Legacy Drive Village
Built in 1994, Legacy Drive Village sits at 7000 Independence Pkwy. in Plano and is 100% occupied. Kroger serves as the anchor tenant and carries investment-grade credit. The Kroger location ranks in the top 14% of most-visited grocery stores in Texas, drawing approximately 848,000 visits annually.
The 138,266-square-foot center's tenant roster includes Dunkin Donuts, Einstein Bros. Bagels, Palm Beach Tan, Subway, and Wingstop — a mix weighted toward quick-service food, convenience, and personal services. The center reports an average tenant occupancy of 15 years, reflecting a high degree of tenant retention.
The property benefits from traffic counts of 30,000 vehicles per day on Legacy Drive and proximity to the Sam Rayburn Tollway and Dallas North Tollway, providing access from multiple major corridors in the northern Dallas-Fort Worth metroplex.
Demographic and Market Context
The surrounding trade area carries an average household income of $171,251 within three miles of the center. The five-mile population has grown 21.5% since 2010, reflecting sustained residential expansion in one of the Dallas-Fort Worth area's higher-income suburban corridors.
Grocery-anchored retail centers in supply-constrained, high-income trade areas have remained among the more sought-after formats for institutional capital. The combination of necessity-based spending, credit tenancy, and limited new supply has supported occupancy and income stability at properties like Legacy Drive Village.
The tenant composition at Legacy Drive Village — oriented toward convenience, food service, and personal care — reflects a broader shift in retail leasing toward uses that are less exposed to e-commerce displacement than traditional apparel or discretionary merchandise categories.
JLL Team and Advisory Role
The JLL Capital Markets Investment and Sales Advisory team representing the seller was led by Senior Managing Director Chris Gerard, Director Kristi Leonard, Associate Ben Pollack, and Analyst Alex Fronterhouse.
JLL Capital Markets describes itself as a full-service global provider of capital solutions, with more than 3,000 specialists in offices across nearly 50 countries.
About The Weitzman Group
The Weitzman Group is a retail-focused commercial real estate firm based in Texas, with full-service offices in Dallas-Fort Worth, Austin, Houston, and San Antonio. Founded more than 35 years ago, Weitzman manages 20.6 million square feet across 200 properties and leases 43.5 million square feet across 435 properties statewide.
Transaction Terms
The recapitalization structure — in which an institutional equity partner is brought into an existing ownership vehicle rather than acquiring the asset outright — can indicate an owner's confidence in long-term asset performance while providing a mechanism for partial liquidity or balance-sheet flexibility. The identity of the incoming institutional equity partner was not disclosed in the announcement.
Financial terms of the transaction, including price, price per square foot, cap rate, and loan details, were not disclosed.