Sterling Organization, through one of its proprietary funds, purchased a 1.2-million-square-foot retail in Allen. A JLL Capital Market’s investment sales and advisory team, led by Chris Gerard, Barry Brown and Erin Lazarus, represented the sellers, DLC Management Corp. and American Realty Advisors.
Retailers in the 109-acre shopping center include Best Buy, Nordstrom Rack, Target , Dick’s Sporting Goods and many others. The Dallas Business Journal reports that The Village at Allen was 89% occupied at the time of the sale.
The property also includes a 206,012-square-foot open-air “lifestyle component” that is currently 59% leased. It also features an additional 8 acres for future development plans, nine single tenant outparcels and more than 84,000 square feet of immediate leasable space.
Sterling, founded in 2007, owns 75 properties across the U.S. totaling more than 13 million square feet.
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