Sterling buys Allen’s Village at Allen shopping center, eyes growth

Sterling Organization has bought The Village at Allen, one of Allen’s biggest retail centers, and is signaling that the 109.53-acre property is far from finished. The 851,457-square-foot shopping center at 190 E. Stacy Road, anchored by Super Target and sitting directly along US-75, draws about 11.5 million customer visits a year and is about 89% leased.

The deal gives Sterling a major foothold in one of Collin County’s most visible commercial corridors at a moment when Allen retail property is drawing intense investor interest. JLL said the sale was the largest of a power center in Texas in more than twenty years, and one industry report called it one of the largest single-asset shopping-center transactions in the country this year. The seller was an affiliate of DLC Management Corp. and American Realty Advisors.

For shoppers and nearby residents, the more immediate question is what Sterling does next with a center that already functions as a daily destination but still has room to change. JLL said the property has more than 84,000 square feet of immediate lease-up potential, about eight acres of land for future development and a 4.6-year weighted-average lease term, all signs that the new owner could push harder on tenant turnover, upgrades and long-term redevelopment.

That matters in practical terms because The Village at Allen is not a sleepy strip center. Its tenant lineup includes Dick’s Sporting Goods, Best Buy, Nordstrom Rack, Total Wine & More, PetSmart, Burlington and multiple TJX banners such as T.J. Maxx, HomeGoods, HomeSense and Sierra, along with Ross Dress For Less, Ulta, Macy’s Backstage, Five Below, Topgolf, Bonefish Grill, BJ’s Restaurant and Brewhouse, Olive Garden and Michaels. Any shift in that mix could change the shopping experience, traffic patterns and local hiring tied to the site.

Sterling said it acquired the center through its $600 million institutional value-add fund, Sterling Value Add Partners IV, and that the property sits within a 3-mile population of about 110,000 and a 5-mile population of about 270,000. Company leaders said the acquisition gives them room to collaborate with tenants, city officials and the community as they try to elevate the asset, a move that could reshape one of Allen’s most visible retail hubs as the city keeps growing around it.