PLANO, Texas--(BUSINESS WIRE)--Invesco Real Estate, a global real estate investment manager, and DJM, a fully integrated real estate development, management and investment firm, today announce DJM’s appointment as operating manager for Invesco’s Legacy West Urban Village retail and office space. Invesco, on behalf of an institutional client, participated in the development of Legacy West, the landmark 1,150,000 square-foot retail, office and residential asset in Plano that opened in 2017.
“This is an incredible opportunity for DJM. The evolving retail landscape continues to provide opportunities for skilled operators to create memorable experiences for our guests within the retail environment, driving value for all uses within a project such as Legacy West,” said Stenn Parton, Chief Retail Officer at DJM. “Through our continued collaboration with Invesco Real Estate, we are eager to bring our combined creativity and execution track record into what we firmly believe is one of the premier mixed-use projects in the US.”
“The tides of retail are shifting and, as an owner, it is our fiduciary responsibility to investors to ensure that the assets we manage evolve with current and future trends to enhance value and maximize return potential on our investments,” said Michelle Foss, Managing Director, Portfolio Management, Invesco Real Estate. “We therefore value our alliance with DJM and together, aim to maintain and improve upon the already-established success of Legacy West as one of the country’s most dynamic and thriving mixed-use environments.”
Plano serves as home to major corporations and was named the third fastest-growing U.S. city in 2018. Legacy West, which launched in 2017, is a vital, transformative component of this rapidly growing region, being North Texas’ largest mixed-use asset with 318,000 square-feet of retail; 335,000 square-feet of office space; and 621 multifamily units. The alliance seeks to ensure that Legacy West serves the local community well by developing meaningful programming and top-tier curation of premium office tenants, retailers and restaurateurs, making it a destination of choice for both business and leisure.
“There’s an alchemy in creating a standout mixed-use project,” added Parton. “No two projects are the same; the formula is different every time and each community has its own DNA. Our job is to listen to and understand the community, and create an experience that connects with the community through design, a curated tenant mix, guest services, and culture, uniquely serving that community’s specific needs and wants.”
“Our team is fully committed to creating community and cultivating culture at each of our projects through relevant design, marketing, events and merchandising, to create a space where locals and visitors are proud to spend their time,” said Chad Cress, Creative Director at DJM.
This is DJM’s second collaboration with Invesco Real Estate since 2018, following an earlier partnership over Runway Playa Vista in Los Angeles.
Additional announcements and information can be found online at www.legacywest.com.
DJM Capital Partners, Inc. is a private real estate equity and development firm based in San Jose, California. With a core strength in retail combined with expertise in office and residential asset classes, DJM’s market knowledge and strategic acquisition of undervalued assets is represented by a current portfolio of approximately four million square-feet with an estimated total portfolio value of over $2 billion. For more information, please visit www.djmcapital.com.
Legacy West is the latest property partnership for DJM, known in the commercial real estate industry for its ability to curate, reposition, activate, and manage thriving, mixed-use environments. Currently, DJM owns or manages over $2.2 billion in assets, totalling more than 4 million square-feet including iconic destinations like Lido Marina Village in Orange County and Los Angeles’ Hollywood & Highland.
About Invesco Ltd.
Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in 25 countries, Invesco managed $1.2 trillion in assets on behalf of clients worldwide as of October 31, 2019. For more information, visit www.invesco.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $81.3 billion in real estate assets under management, 534 employees and 21 regional offices across the U.S., Europe and Asia (as of 09/30/19). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.