Town Lane And Gillon Property Group Acquire Watters Creek Village In Allen Texas With Ares Real Estate Lender
970 Garden Park Drive
Building Size
460,000 SF
Asset Type
Mixed-use
Closing
Apr 1, 2026
AI
Watters Creek Village is a grocery-anchored mixed-use center located at 970 Garden Park Drive in Allen, Texas. The property encompasses 460,000 square feet and spans 46 acres, featuring approximately 360,000 square feet of retail space anchored by Market Street, along with around 100,000 square feet dedicated to boutique office space.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: Not disclosed
- Buyer: Tyler Henritze - Town Lane; Drew Steffen - Gillon Property Group
- Lender: Ares Real Estate
- Date: 04/01/2026
Tyler Henritze represents Town Lane, and Drew Steffen represents Gillon Property Group in the acquisition of Watters Creek Village. The deal was financed with debt from an Ares Real Estate fund, alongside plans to enhance signage, tenant mix, and community programming within the property.
Players
Allen Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93