Watters Creek Village in Allen has fresh ownership and, by their account, a serious to-do list. New York-based Town Lane and Dallas-based Gillon Property Group have taken over the 460,000-square-foot open-air center and say they will pump in new capital to sharpen both the tenant mix and public spaces. The mixed-use complex, anchored by Market Street and home to national names like Sephora, Barnes & Noble and Lululemon, is slated for physical upgrades, more marketing and a heavier calendar of events to better connect with Allen’s growing shopper base.
New owners roll out a hands-on plan
In a press release via Business Wire, Town Lane and Gillon said an Ares Real Estate fund supplied the acquisition debt, and that they will team with SHOP Companies on retail leasing while Thirty-Four Commercial continues to oversee office leasing. Early priorities listed in the announcement include refreshed signage and wayfinding, repositioning certain tenants and expanding seasonal events to boost foot traffic. “We look forward to investing additional capital to enhance the property alongside our local partner,” Tyler Henritze, managing partner of Town Lane, said in the release.
Prime Allen location with a built-in following
The center sits on the west side of U.S. Highway 75 near Bethany Drive and mixes restaurants, boutique office space and community gathering areas, according to The Dallas Morning News. Current ownership describes Watters Creek as a grocery-anchored lifestyle destination wrapped around water features and a village green that attracts both everyday shoppers and neighborhood programming. That built-in local draw is part of why the new partners say they see room to refine the tenant lineup and elevate the public realm rather than reinvent the entire property.
Recent ownership history
Watters Creek has not exactly been sitting still. A partnership of Charter Holdings and DuWest Realty acquired the property in 2022 in a deal arranged by JLL Capital Markets, which characterized the project as a completed, 46-acre lifestyle center delivered in 2008. Those owners pursued landscaping improvements and tenant refresh work, and the latest sale hands control to a joint venture pairing an out-of-market investor with a Dallas-based operating partner. That mix of continued local management with new capital is a central part of the current buyers’ pitch to the community and to future tenants.
Gillon’s leadership has indicated the team will target mid- to upper-level retailers that line up with Allen’s demographics, and leasing momentum will be the clearest early signal of how that strategy is working, The Dallas Morning News reported. Neighbors are more likely to see phased upgrades such as new signage, wayfinding and event programming before they see major tenant announcements, with SHOP Companies leading retail leasing and Thirty-Four Commercial continuing to handle office space as the partners reposition the center…