851,000-square-foot shopping center anchored by Super Target adds to growing wave of large retail investments in Texas

A major retail transaction has taken place in North Texas as Sterling Organization acquired The Village at Allen, one of the region’s largest shopping centers.

The purchase marks another significant retail investment in 2026, as institutional buyers continue expanding their presence in high-growth Texas markets.

High-Profile Retail Asset in Allen

The Village at Allen spans approximately 851,457 square feet and is currently about 89% leased. The center is anchored by Super Target and features a strong lineup of national retailers.

Key tenants include Dick’s Sporting Goods, Total Wine & More, Best Buy, Nordstrom Rack, PetSmart, and Burlington.

In addition to its retail footprint, the property includes more than 206,000 square feet of open space, which is currently 59% leased. This vacant capacity presents opportunities for further leasing, redevelopment and tenant upgrades.

Investment Strategy and Growth Potential

Sterling Organization described the acquisition as a high-quality, long-term investment. Company principal Bob Dake called the property a “flagship-caliber” addition to the firm’s portfolio.

He emphasized plans to work with tenants, local officials and the surrounding community to enhance the center’s performance and long-term value.

Dake also highlighted the strength of the tenant mix, noting that the center is anchored by national brands focused on value-driven and essential retail offerings, making it well-positioned in a growing and business-friendly Texas market.

Expanding National Portfolio

With the addition of The Village at Allen, Sterling Organization and its affiliates now own 75 retail properties across the United States. The portfolio totals more than 13 million square feet and is valued at over $3.4 billion.

The firm continues to actively pursue new acquisitions and currently has approximately $1 billion in available capital to deploy across its investment strategies.

Another company principal, Jordan Fried, said the deal is expected to rank among the largest single-asset shopping center transactions in the United States this year.

Deal Terms Undisclosed

Financial details of the acquisition were not released.

The transaction reflects continued investor confidence in large-format retail centers, particularly those anchored by essential and discount-oriented tenants in fast-growing suburban markets like Allen, Texas.