A major retail center in Allen just changed hands.
Sterling Organization bought the 109-acre The Village at Allen, one of the city’s biggest shopping centers, from an affiliate of DLC Management Corp. and American Realty Advisors.
The Village at Allen features more than 851K SF of gross leasable area at 190 E. Stacy Road, which is along U.S. Highway 75.
The property was 89% leased at the time of the deal. It is shadow-anchored by a Super Target and features Dick’s Sporting Goods as well as multiple TJX Cos. stores like T.J. Maxx, HomeGoods, HomeSense and Sierra.
The Village at Allen presented significant value-add opportunities for the new owner despite its current occupancy. It offers immediate lease-up potential of more than 84K SF of in-line space and includes an additional 8 acres for future development.
JLL Capital Markets’ investment sales and advisory team, representing the seller, included Chris Gerard, Barry Brown and Erin Lazarus.