JLL Capital Markets arranged the sale of The Village at Allen, a dominant retail center located in Allen, Texas, one of the Dallas-Fort Worth area’s fastest-growing suburbs. The landmark transaction marks the largest sale of a power center in Texas in over twenty years.
JLL worked on behalf of the seller, an affiliate of DLC Management Corp and American Realty Advisors (ARA). The buyer was Sterling Organization.
The Village at Allen enjoys a prime location at 190 E Stacy Rd., with ample visibility and access along Highway 75 which carries 176,209 vehicles per day. This location in the heart of affluent Allen, and Colin County more broadly, draws 11.5 million annual visits from throughout north Texas. The center is the number one shopping center within a 30-mile radius and ranks as the seventh most trafficked shopping center in all of Texas.
Since 2000, Allen has experienced 151% population growth, is home to $6.2 billion in consumer spending within a three-mile radius and is at the epicenter of DFW’s surging economic and residential expansion. The DFW metroplex has now grown to 8.3 million residents, making it America’s fourth largest metro and the nation’s top market for projected population growth.
The Village at Allen spans an impressive 109.53 acres and comprises 851,457 square feet of gross leasable area. The property is 89% leased and features an exceptional tenant roster including Super Target (shadow anchored), multiple TJX Companies banners (T.J. Maxx, HomeGoods, HomeSense and Sierra), Dick’s Sporting Goods, Ross Dress For Less, Best Buy, Nordstrom Rack, Ulta, Total Wine & More and Michaels. The center maintains 99% national big-box tenancy with a 4.6-year weighted average lease term.
The Village at Allen presented significant value-add opportunities for the new owner despite its current 89% occupancy. It offers immediate lease-up potential of over 84,000 square feet of in-line space and includes an additional eight acres of land for future development.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Chris Gerard and Barry Brown and Director Erin Lazarus.
