A mixed-used center with open air shopping has come under new ownership — and is set for fresh improvements. 
 
Watters Creek Village in Allen is now under the ownership of Town Lane, a New York-based real estate investment manager, and Gillon Property Group, a Dallas-based firm, according to a statement. Terms were not disclosed.

The mixed-use destination covers about 460,000 square feet and includes some well-known names in retail such as Sephora, Barnes & Noble and Lululemon. The development, which is anchored by grocer Market Street, also has restaurants, boutique office space and community gathering areas.

With the deal, the area is set to undergo investments that will enhance the physical environment as it looks to bolster marketing and community events, along with signage. In addition, it’s also working on the tenant mix, according to Drew Steffen, CEO, Gillon Property Group.

“We are now taking that tenancy — and not just trying to fill space — but we’re trying to make a better place and bring in mid- to upper-level tenants that will appeal to the demographic that’s already in the area,” Steffen said in an interview. 

Allen is another growing community in the North Texas region that’s been attracting retail interest including a recent Costco. It had about 114,000 residents in July of 2024, up from roughly 105,000 in April of 2020 and less than 85,000 a decade before that, according to the U.S. Census. 

The mixed-use development, which dates back more than 15 years, is located on the western side of U.S. Highway 75 near Bethany Drive. The property was acquired from owners that included Ray Washburne’s Charter Holdings and DuWest Realty of Dallas. An Ares Real Estate fund provided the debt financing for the acquisition. 

Gillon Property Group, a commercial real estate vehicle of the Washburne family, is a real estate investment, development  and operations firm.

“We look forward to investing additional capital to enhance the property alongside our local partner, Gillon Property Group, to further strengthen its role as a vibrant destination for the Allen community,” Tyler Henritze, managing partner, Town Lane, said in the statement.