One of Collin County’s biggest shopping centers is up for grabs.
The 150-acre Village at Allen retail center on U.S. Highway 75 at Stacy Lane includes more than 850,000 square feet of stores and restaurant space. Opened in 2008, the open-air regional retail property is about 90% leased.
Since 2017, the huge Allen retail center has been owned by New York-based DLC Management and American Realty Advisors based in Los Angeles. The last time the Village at Allen was sold, it fetched more than $170 million.
A sale this time could be worth about $240 million, according to estimates by Real Estate Alert, a New York property industry newsletter.
Eastdil Secured is marketing the Village at Allen for sale in what could be one of the country’s largest shopping center transactions of this year. Only two U.S. retail properties have sold for more than $200 million in 2023, according to analysts at Green Street Advisors.
The shopping center is anchored by major tenants including Best Buy, Burlington, Dick’s Sporting Goods, Five Below, Nordstrom Rack, Ross, Topgolf and Ulta Beauty.
Along with the 1-million-square-foot Fairview Town Center across Stacy Road, the two massive retail centers are one of the largest shopping destinations in North Texas.
Several Dallas-Fort Worth shopping centers have recently changed hands. The Shops at Eastside in Richardson was just sold to a local investor Precision Investments. Another retail center on the Dallas North Tollway near the Galleria was also traded last month.
