The Village at Allen shopping center bought by Florida firm 

A large retail hub in Allen is under new ownership.  

Florida’s Sterling Organization, a private equity real estate investment firm, has acquired The Village at Allen, according to a statement by JLL, the real estate company. The transaction is the largest sale of a “power center” retail site in more than two decades, it said.  

Terms were not disclosed for the site at 190 E. Stacy Road.

The Village at Allen spans about 110 acres and has over 850,000 square feet of gross leasable area. The property, which is 89% leased, has tenants such as Super Target, T.J. Maxx & HomeGoods, Dick’s Sporting Goods, Best Buy, Michaels and Nordstrom Rack. 

The announcement follows news that Watters Creek Village — also in Allen — came under the ownership of Town Lane, a New York-based real estate investment manager, and Gillon Property Group, a Dallas-based firm. The mixed-use destination includes some well-known names in retail such as Sephora, Barnes & Noble and Lululemon. 

Allen is attracting investments as one of the many growing communities in the region, with about 114,000 residents in July 2024, up from roughly 105,000 in April 2020, according to the U.S. Census.   

JLL Capital Market’s investment sales and advisory team representing the seller was led by Chris Gerard and Barry Brown, senior managing directors, and Erin Lazarus, director. 

Sterling Organization and its affiliates own over 80 properties through the U.S., the statement said. 

JLL worked on behalf of the seller, an affiliate of DLC Management Corp and American Realty Advisors.