Big Shopping Center Set to Trade Hands in Allen

One of North Texas' biggest shopping centers is changing hands.The 180-acre Village at Allen retail center is located at the southeast corner of U.S. Highway 75 and Stacy Lane and opened starting in 2008.The more than 800,000-square-foot development includes major retailers including Best Buy, Toys R Us, Pier 1 Imports, the Leather Sofa Co., Tuesday Morning, Total Wine, Dicks Sporting Goods and Sleep Experts.New York-based shopping center investor DLC Management is buying the huge Allen retail complex from owners Prudential Insurance and MGHerring Group.The acquisition is set to close before the end of the year and has been widely discussed in real estate industry circles.Officials with DLC Management did not respond to requests for information about their purchase or plans for the shopping center.The sale of Village at Allen comes a year after Prudential sold the neighboring Village at Fairview development to Dallas-based Lincoln Property Co.Lincoln Property has renamed the project Fairview Town Center and is remodeling the property.DLC Management has been in business since 1991 and owns shopping centers in about 20 states stretching from Texas to Maine.In Texas its sole holding has been the Whiterock Marketplace shopping center in northeast Dallas.The intersection of U.S. 75 and Stacy Road which includes the Village at Allen is one of North Texas' busiest retail locations.Shopping center owner Simon just completed renovations to its Allen Premium Outlets retail project at the northwest corner.And developers recently received zoning for a large mixed-use retail, residential nad commercial project on the vacant southwest corner.  Continue reading...