News release

Watters Creek mixed-use destination sells to local Dallas investor

JLL Capital Markets closed the sale of the Class A retail and office asset within a live-work-play district in Allen, Texas

April 14, 2022

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

DALLAS, March 14, 2022 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Watters Creek at Montgomery Farm, a 458,091-square-foot, premier, open-air, mixed-use, grocery-anchored retail and office destination part of the Watters Creek development within the affluent Dallas-Fort Worth community of Allen, Texas.

JLL marketed the property on behalf of the seller, a partnership between PCCP, LLC and Trademark Property Company. A partnership comprising Dallas-based Charter Holdings and DuWest Realty acquired the asset. Additionally, working on behalf of the new owner, JLL secured the five-year, floating-rate, non-recourse acquisition loan with Washington Federal Bank and Texas Capital Bank.

Completed in 2008, the 46-acre Watters Creek at Montgomery Farms is in the top 4% of shopping centers in DFW and is part of Waters Creek, an iconic, 1.1-million-square-foot live-work-play district that houses multi-housing units, office, 300 hotel rooms and convention center space within walking distance of the property. The subject property is 87% leased and home to a diverse roster of 61 nationally recognized retail tenants, including the top-performing Market Street in DFW and Michaels within 15 miles and the No. 2 performing PF Chang’s and Victoria’s Secret in DFW, along with a popular MiCocina, Sephora, pure barre, Kendra Scott, Bath and Body Works, Massage Heights, The Blue Fish, Panera Bread, F45, Anthropologie and The Cheesecake Factory.

Three of the property’s 20 buildings contain 98,209 square feet of office space with tenants such as Regus, Mattison Avenue Salon Suites & Spa and TNP. Additionally, 1.75 acres of land could be used for future development and expansion of the property.

Watters Creek at Montgomery Farms is at 970 Garden Park Dr. in the northern DFW suburb of Allen, one of the fastest-growing cities in the Dallas-Fort Worth metro area. The area within a five-mile radius has seen explosive growth of 150% since 2001, and the expansive trade area includes $12.3 billion of buying power. Additionally, the property has excellent visibility from its position along 75, a large regional north-south thoroughfare, and is surrounded by new development.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of U.S. Retail Capital Markets Barry Brown, Senior Managing Directors Chris Gerard and Ryan Shore and Analysts Greyson Fewin and Pauli Kerr.

“This is the perfect investment for the new ownership group, which will have the opportunity to take Watters Creek to the next level with an upgraded merchandizing mix and by activating many areas of the property,” Brown said. “There continues to be enormous investor interest both regionally and nationally for larger mixed-use assets that contain lifestyle retail, office and multi-housing components.”

The JLL Capital Markets Debt Advisory team included Senior Managing Director John Brownlee, Managing Director Clint Coe and Analysts Jack Rohrman and Chad Lisbeth.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit


PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments.  PCCP has $16.8 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 23-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $31.5 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at

About Trademark Property Company

Trademark Property Company is a full-service real estate firm focused on investments, development and institutional services of mixed-use properties. In its 29 years of business, Fort Worth, Texas-based Trademark has invested in, developed or redeveloped 21 million square feet of mixed-use, multifamily and retail assets worth $4.5 billion. Trademark’s experienced team of more than 185 employees is currently responsible for a 16-property portfolio totaling approximately 10.5 million square feet of mixed-use projects across the country. A leader in navigating the changing mixed-use real estate landscape, Trademark’s purpose is to be extraordinary stewards, enhance communities and enrich lives. For more information, interact on FacebookLinkedIn and Instagram.

About Charter Holdings

Charter Holdings is a Dallas-based investment company involved in real estate, restaurants and diversified financial investments.

About DuWest Realty

Duwest Realty is a commercial real estate firm that specializes in retail project leasing, investment services and property management. At its core, DuWest has always prided itself on giving unparalleled service for its landlord clients. The ability to focus on one side of the negotiating table has engendered a strong reputation as a firm that will not have conflicting deal interests. Founded in 2009, DuWest has earned the trust of some of the most prestigious clients in the country, having completed over 1,400 leases and grown its management portfolio to over 4 million square feet. Since launching the investment services platform in Fall 2015, DuWest has completed more than $550 million in transactions.