NY Buyer Marks Texas Inroad with Allen, Plano Retail Centers

DALLAS-Rochester, NY-based First Allied Corp. has bought its first holdings in Texas. The privately held company has the keys to the 85,037-sf Allen Central Market Shopping Center and the 83,736-sf Polo Towne Crossing in Plano.

The suburban retail centers are big box anchored and had been in the portfolio of Dallas-based Today Realty Advisors Inc. and Weber & Co. Staubach Co.’s senior vice president Ken Shulman, who is traveling and not available for comment on the sales, single-handedly the transactions. In a prepared statement, Shulman says the centers are “poised for success” due to their locations in the high-growth Dallas suburbs of Plano and Allen. Shulman represented the seller.

The 93%-occupied Allen Central Market has a tenant roster anchored by Target and Home Depot. Other tenants are Subway Sandwiches, Mattress Firm, Chuck E. Cheese, Radio Shack and Famous Footwear. A Super Target anchors the Polo Towne Crossing, which boasts tenants such as Re/Max Realtors, State Farm Insurance, Famous Footwear, The Men’s Warehouse, Mattress Firm and Starbucks.

First Allied owns and manages 22 commercial plazas in 16 states. Its holding primarily are in the northeast, with Pennsylvania leading the pack.