West Palm Beach-based Sterling Organization has officially taken the keys to The Village at Allen, the sprawling retail center that anchors the busy Stacy Road corridor. The new owner says it plans targeted capital projects and fresh leasing work to beef up the property’s lifestyle component and overall tenant mix, following a marketing process that turned the deal into one of the more notable single-asset retail trades in North Texas.
In a press release from Sterling Organization, the firm said the acquisition was made on behalf of its $600 million Sterling Value Add Partners IV fund. The Village at Allen is described as an 851,457-square-foot, market-dominant power shopping center that is roughly 89% leased. The release highlights a lineup of national anchors, including a Super Target (shadow), several TJX banners, Dick’s Sporting Goods, Best Buy and Nordstrom Rack. It also notes a 206,012-square-foot open-air lifestyle component that Sterling plans to lease up, along with nine single-tenant outparcels and more than eight acres of undeveloped land reserved for future uses.
The center is not just about shopping bags and big-box runs. The Village at Allen also includes traffic drivers such as the Credit Union of Texas Event Center and a Courtyard by Marriott hotel, and it has continued to add fresh names to the tenant roster. As reported by Community Impact, a Miniso store opened at the property in March, and the center pulls in millions of visits each year. Local merchants and regulars will be watching closely to see whether Sterling’s playbook translates into new restaurants, additional services or fresh construction in the months ahead.
What Sterling Says
He added that the firm looks forward to collaborating with our tenants, the City of Allen, and the broader community on upgrades to the property. The statement also thanked sellers American Realty Advisors and DLC, along with the JLL brokers who arranged the transaction. Sterling said it will lean on its vertically integrated operating platform to pursue value-add leasing and tenant upgrades across the campus.
Background and Market Context
The Village at Allen was marketed for sale last year and had been held since 2017 by DLC Management and American Realty Advisors, according to earlier reporting on the listing. The Dallas Morning News reported that the property was one of the region’s largest retail listings and last traded for roughly $170 million in 2017, a price tag that helped attract interest from institutional buyers. The latest deal fits into a broader trend of private equity funds targeting well-located open-air centers to drive leasing gains and mixed-use improvements…