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Sterling Organization has acquired a 1.2-million-square-foot retail property in Allen through one of its proprietary funds. The asset is a 109-acre shopping center that includes a mix of national retailers and an open-air lifestyle component. The acquisition adds a significant Texas-area retail destination to Sterling’s national portfolio and reflects the firm’s continued focus on large-format retail assets.
JLL Capital Markets’ investment sales and advisory team represented the sellers, DLC Management Corp. and American Realty Advisors, in the transaction. The JLL team was led by Chris Gerard, Barry Brown and Erin Lazarus, who advised the ownership on the disposition. The Dallas Business Journal reported that the property, known as The Village at Allen, was 89% occupied at the time of sale, indicating a largely stabilized asset with additional leasing potential.
The shopping center’s tenant roster includes major national retailers such as Best Buy, Nordstrom Rack, Target and Dick’s Sporting Goods, along with numerous other tenants. These brands help anchor the property and support its position as a regional retail destination. The breadth of the tenant mix highlights the center’s role as a high-traffic retail node within the Allen market.
In addition to the core retail space, the property features a 206,012-square-foot open-air lifestyle component that is 59% leased. This portion of the project offers current income along with upside through additional leasing. The center also includes more than 84,000 square feet of immediately leasable space, giving the new ownership room to drive occupancy and revenue growth over time.
The site provides further expansion potential with an additional 8 acres designated for future development plans, as well as nine single-tenant outparcels. These elements create optionality for phased build-out, repositioning or pad development, depending on market conditions and tenant demand. The combination of stabilized income, lease-up opportunity and development capacity gives Sterling multiple levers to enhance value.
Sterling Organization, founded in 2007, now owns 75 properties across the United States totaling more than 13 million square feet. The Allen acquisition adds to this nationwide footprint and fits within the firm’s strategy of investing in institutional-quality retail assets. With a large, mostly leased shopping center, a partially leased lifestyle component and defined future development areas, the property offers a diversified revenue profile under Sterling’s ownership.
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