Acquisition Positions 460k SF Grocery-Anchored, Mixed-Use Destination for Enhanced Community Experience and Long-Term Growth
Town Lane, a New York-based real estate investment manager, and Gillon Property Group (GPG) have announced the acquisition of Watters Creek Village, a 460k SF, grocery-anchored mixed-use destination located in Allen, Texas. The acquisition marks a new chapter for the highly regarded center, reinforcing its role as a dominant retail and community hub within the rapidly growing North Dallas corridor. An Ares Real Estate fund ("Ares") provided the debt financing for the acquisition.
Watters Creek Village is strategically positioned along U.S. Highway 75, which carries over 200k vehicles per day, offering excellent visibility and accessibility. The 46-acre property features ~360k SF of retail anchored by grocer Market Street, an upscale concept operated by The United Family (Albertsons), and ~100k SF of boutique office space.
"Town Lane is excited to expand its investments in the retail sector through the acquisition of Watters Creek Village, a premier grocery-anchored center in one of Dallas' fastest-growing submarkets. We look forward to investing additional capital to enhance the property alongside our local partner, Gillon Property Group, to further strengthen its role as a vibrant destination for the Allen community." – Tyler Henritze, Managing Partner, Town Lane
"Watters Creek Village is already a flagship destination in a thriving Allen submarket, and we believe its best days are still ahead. Together with Town Lane, our focus is on patient, hands-on ownership—curating the right merchandising mix, elevating the public realm, and reinforcing Watters Creek Village as a long-term gathering place for all North Texans and visitors to the region." – Drew Steffen, CEO, Gillon Property Group & Hill Washburne, President, Gillon Capital
Business Plan & Strategic Enhancements
The joint venture's business plan includes a comprehensive strategy designed to enhance both the physical environment and tenant mix at Watters Creek Village. Planned initiatives include:
- Signage and Wayfinding Upgrades – Modernizing monument signage and internal wayfinding to improve visibility, navigation, and overall aesthetic cohesion throughout the property.
- Tenant Upgrades and Strategic Leasing – Continuing to elevate the merchandising mix with high-performing national and regional brands, chef-driven dining concepts, and experiential retailers that align with the center's affluent customer base.
- Increased Marketing and Community Events – Expanding programming, seasonal activations, and community-driven events to further position Watters Creek Village as the social and cultural heart of Allen.
Town Lane and Gillon will partner with SHOP Companies to lead retail leasing and further elevate the merchandising mix as well as enhance the overall experience for the community in addition to Thirty-Four Commercial who will continue to lead efforts on the office leasing side.
About Watters Creek Village
Delivered in 2008, Watters Creek Village is a premier open-air lifestyle destination featuring a dynamic mix of national retailers, chef-driven restaurants, boutique office space, and community gathering areas integrated with water features, green space, and pedestrian-friendly design. The center is anchored by grocer Market Street and features a strong lineup of brands including Anthropologie, Barnes & Noble, Lululemon, Mi Cocina, Pure Barre, Sephora, Warby Parker and numerous specialty retailers and service providers.
About Town Lane
Town Lane is a boutique, relationship-driven real estate investment manager. The Firm, based in New York City, invests thematically and nimbly across commercial real estate sectors and through the capital stack. Town Lane was founded in 2024 after raising $1.25 billion of institutional investor capital targeting opportunistic returns for its inaugural fund. Town Lane's investment strategy seeks to identify emerging trends, evaluate misunderstood opportunities and to capitalize on episodic market dislocations. For more information on Town Lane please visit www.townlane.com.
About Gillon Property Group
Gillon Property Group (GPG) is a privately held, vertically integrated real estate investment, development, and operations firm based in Dallas, Texas. The firm oversees a portfolio spanning more than 14 million square feet across mixed-use, retail, hospitality, multifamily, and office assets nationwide. GPG is recognized for its long-term ownership philosophy, operational excellence, and commitment to creating inspiring places that enhance people's lives. Visit www.gillonpropertygroup.com for more information.
About Ares Management Corporation
Ares Management Corporation (NYSE:ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2025, Ares Management Corporation's global platform had nearly $623 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
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Media:
Town Lane: Aimee Work | [email protected]
Gillon Property Group: Traci Markel | [email protected]