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DLC acquires four open-air retail centers
in $100 million deal

DLC acquires four open air centers in $100M deal

Value-add portfolio includes best-in-class assets across four states; DLC expects ‘very strong, above-market returns’ from investment


Elmsford, NY (November 20, 2023) – A joint venture between DLC, one of the country’s largest private owners, operators, and managers of open-air retail, along with funds managed by DRA Advisors, have acquired four major open-air shopping centers with an institutional investment partner, it was announced today.

The deal includes marquee assets in Colorado, New Jersey, Arizona, and Ohio. The 380,479 sf Cornerstar shopping center in Aurora, CO, is anchored by Target, Marshalls, HomeGoods, 24 Hour Fitness, Nike, and Ulta. DLC has executed a lease and will be adding specialty grocery to the tenant mix immediately after acquisition.

Cross Keys Place in Sewell, NJ, totals 147,694 sf and is anchored by Michaels, Old Navy, Petco, and the most-visited Edge Fitness in the Garden State, while the 34,674 sf The Shops at Prescott Gateway in Arizona captures two trade areas outside Phoenix and boasts a diverse mix of national tenants including Trader Joe’s, SAS Shoes, and Great Clips.

The fourth property, Powell Center near Columbus, OH, comprises 201,970 sf with national tenants including Marshalls, HomeGoods, Michaels, and Staples and is located close to The Ohio State University and the regional headquarters of JP Morgan Chase. Powell Center is being acquired 53% occupied and DLC has plans for an immediate redevelopment featuring new national tenants.

“While overall market transaction volume has declined in 2023, DLC has made numerous acquisitions through our proven off-market sourcing and our abundant access to both debt and equity capital,” said Adam Ifshin, Founder and CEO of DLC. “We saw a tremendous opportunity in this deal to expand our national presence through the acquisition of great assets – and we’ve already mitigated much of the investment’s operational risk by pre-leasing many of the box vacancies as well as numerous inline spaces.”

“DLC has structured and completed an acquisition that will deliver very strong, above-market returns,” said Jonathan Wigser, Executive Vice President and Chief Investment Officer at DLC. “Even in today’s challenging lending environment, DLC secured accretive loans on each of the four properties.”

“DLC was able to source and close this portfolio transaction on an off-market basis given its relationship and track record with the seller and lenders. We continue to seek other acquisition opportunities in the current environment.” said Aaron Wu, Vice President of Acquisitions.

“We are excited to continue growing our national joint venture platform with DLC through this attractive, off-market retail portfolio acquisition,” said Brett Gottlieb, Managing Director of DRA Advisors.

About DLC: DLC is one of the nation’s preeminent private retail real estate companies, with expertise in acquisitions, development, architecture, leasing and management. Headquartered in Metro New York, DLC has regional operations in Atlanta, Buffalo, Chicago, Dallas, and Washington, DC. For additional information about DLC and its portfolio, please visit www.dlcmgmt.com.

About DRA: DRA Advisors LLC is a New York-based registered investment advisor with approximately 95 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies.  Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring approximately $39 billion of real estate.  The acquisitions include 93 million square feet of industrial, 65 million square feet of office, 87 million square feet of retail and 85,000 multifamily units.  As of June 30, 2023, DRA has $13.6 billion in gross assets under management. http://draadvisors.com

For media inquiries or more information about DLC, please contact:

Michael St. John
Vice President, Marketing
mstjohn@dlcmgmt.com

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