Allen, Texas — New York-based Town Lane and Dallas-based Gillon Property Group have acquired Watters Creek Village, a 460,000-square-foot mixed-use development located in the northeastern Dallas suburb of Allen. An Ares Real Estate fund provided the debt financing for the acquisition.
Delivered in 2008, Watters Creek Village spans 46 acres and features approximately 360,000 square feet of retail and 100,000 square feet of boutique office space. A Market Street grocery store anchors the property, with additional tenants including Anthropologie, Barnes & Noble, Chico’s, Bath & Body Works, DSW, Kendra Scott, Loft, Pure Barre, Warby Parker and Sephora.
The joint venture plans to renovate Watters Creek Village with signage and wayfinding upgrades, tenant repositioning and increased marketing and community events, such as seasonal activations and expanded programming. Town Lane and Gillon Property Group will partner with SHOP Cos. to lead retail leasing, while Thirty-Four Commercial will continue to lead leasing efforts for the property’s office component.