Grocery-anchored open-air property boasts national brands
Elmsford, NY – DLC, one of the country’s largest owner-operators of open-air shopping centers, has closed on the $46.5 million acquisition of Brookside Center, located at 4531 N Main Street in Bridgeport, CT an hour from New York City. The grocery-anchored center, located in Fairfield County, on the border of Trumbull, boasts a wide range of national tenants including Stop and Shop, Marshalls, and Michael’s.
The property is a strong investment for DLC – it’s the eighth in its portfolio located in the state of Connecticut. Bridgeport is the most populous city in Connecticut and Brookside Center is an ideal location less than a mile from the Merritt Parkway, a half mile from the Trumbull Park Mall, and a mile from Sacred Heart University.
DLC acquired this center with a long-standing partner, and with financing from Berkshire Bank, a repeat lender. Berkshire Bank is a high-performing leading socially responsible community bank. Providing a wide range of financial solutions through its consumer banking, commercial banking, and wealth management divisions, the Bank has approximately $12.3 billion in assets and a community-based footprint of 100 financial centers in Massachusetts, New York, Vermont, Connecticut, and Rhode Island.
“Brookside is a strong addition to our ever-growing portfolio,” said Adam Ifshin, CEO and Founder of DLC. “By aggressively monetizing assets in 2022 and Q1 2023 and by addressing our loan maturities in the first quarter, DLC is on offense, making acquisitions, making capital improvements on our properties, finding new retailers to work with, and sourcing new partners to bring strong returns to. Open-air retail is the hottest asset class in commercial real estate, and we continue to produce strong returns for us and our partners.”
“This center is a great fit for our portfolio,” said Aaron Wu, Vice President of Acquisitions. “It is located in our backyard where we own, operate, and manage seven other properties within an hour’s drive. There are many opportunities to improve this well-located shopping center even further.”
About DLC Management Corp. A company driven by a strong culture and entrepreneurial foundation, DLC has grown to be one of the nation’s largest and most sought-after privately held owners, operators, and managers of open-air retail shopping centers. DLC has expertise in acquisitions, capital markets, development, redevelopments, leasing, construction, architecture, and management.
Download our latest white paper, “A Breath of Open-Air” HERE.
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Aaron Wu, Vice President & Head of Acquisitions