Off-market transaction with DRA Advisors adds more than 1.1 million square feet across five states
DLC, one of the nation’s preeminent owner-operators of open-air shopping centers, announced the acquisition of a six-property open-air retail portfolio in partnership with a Fund managed by DRA Advisors, continuing the company’s active national expansion strategy and further scaling its presence in some of the country’s fastest-growing retail markets.
The portfolio comprises more than 1.11 million square feet of GLA and is approximately 95% occupied. The assets are geographically diversified across Texas (College Station, Dallas, San Antonio), California (Los Angeles), North Carolina (Charlotte), Tennessee (Memphis), and New Jersey (Butler).
The acquisition marks another major milestone in DLC’s recent growth trajectory. Since the third quarter of 2025, the company has completed multiple strategic portfolio acquisitions including a 10-property transaction that marked DLC’s expansion into California and an eight-property acquisition that expanded the company into Phoenix and Oklahoma City, as well as additional strategic acquisitions in Omaha (Shadow Lake Towne Center) and Palm Beach Gardens (Legacy Place).
With this latest transaction, DLC now owns and operates nearly 100 open-air shopping centers nationwide, comprising over 24 million square feet.
Adam Ifshin, Founder and CEO, DLC
“This transaction reflects exactly where we continue to see opportunity in the market,” said Adam Ifshin, Founder and CEO of DLC. “High-quality, open-air retail assets continue to outperform because the underlying fundamentals are real — strong demographics, strong traffic, strong tenant demand, and limited new supply. We are highly convicted in the sector and are focused on acquiring dominant shopping centers in markets with long-term growth potential.”
The portfolio includes:
La Plaza Del Norte, San Antonio, TX
A market-dominant power center located at the busy intersection of Loop 410 and San Pedro Avenue. Positioned minutes from San Antonio International Airport and approximately 13 minutes from downtown, the center is anchored by Ross, Sierra, Total Wine & More, Floor & Decor, Best Buy, and DSW.
Grapevine Crossing, Grapevine, TX
A power center featuring a pair of well-established anchor brands alongside a collection of inline service tenants. Located along Ira E. Woods Avenue, one of the area’s busiest thoroughfares connecting Southlake to Highway 121 and DFW International Airport, the property features Best Buy and Academy Sports and serves an extremely affluent surrounding population.
Gateway Station, College Station, TX
A high-traffic power center located along Highway 6 and University Drive. Positioned between Waco and Houston, the property benefits from its immediate proximity to Texas A&M University, the state’s largest university with enrollment exceeding 81,000 in 2025.
Commons at Temecula, Temecula, CA
A regionally dominant power center located in the Los Angeles MSA along a major retail corridor within the affluent suburban community of Temecula. The center offers access to strong consumer demographics and proximity to a major regional shopping mall and is anchored by EoS Fitness, Nordstrom Rack, Total Wine & More, Ross, Petco, and Ulta.
Perimeter Woods, Charlotte, NC
A high-visibility shopping center located directly across from Northlake Mall. The property offers immediate access to Interstate 485 and Interstate 77 and is anchored by Best Buy, PetSmart, Burlington, and Michaels.
Winchester Commons, Memphis, TN
A grocery-anchored neighborhood center located within the high-traffic I-385 and Winchester Road corridor. Positioned directly across from FedEx Global Headquarters, the property is anchored by Kroger and serves an affluent surrounding population.
“These centers are located in strong markets, anchored by great retailers, and already serving their communities at a high level,” said Chris Ressa, Chief Operating Officer, DLC. “Now our team gets to go to work. We believe success in retail real estate is driven by execution, and we have built one of the strongest operating platforms in the industry to unlock full potential. We are excited about the long-term opportunities these assets present.”
Brett Gottlieb, Senior Managing Director at DRA Advisors, said: “This portfolio is another opportunity for DRA and DLC to expand our partnership in high growth retail markets across the country. We believe this portfolio is well-positioned to generate strong risk-adjusted returns, and it reinforces our conviction that high-quality open-air retail remains one of the most attractive places to deploy capital today.”
DLC funded its investment in the portfolio via its ongoing joint venture relationship with Temerity Strategic Partners. Newmark provided buy side and debt placement advisory services to facilitate the transaction.
About DLC
DLC is one of the country’s leading owners and operators of open-air shopping centers, with more than $4 billion and 24 million square feet in assets under management across 90+ properties. Headquartered in Elmsford, NY, DLC leverages an owner-operator model and a fully integrated platform — including construction and design through Renovo Construction and NWS Architects — to deliver superior performance and value. Guided by a people-first culture and a focus on speed, precision, and partnership, DLC continues to redefine what’s possible in open-air retail. For more information about DLC, visit dlcmgmt.com.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor with approximately 100 employees that specializes 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’s inception in 1986, the firm has opened additional offices in Miami and San Francisco and has acquired approximately $44 billion of real estate. Its acquisitions include over 105 million square feet of industrial, 88,600 multifamily units, 95 million square feet of retail, and 66 million square feet of office. As of March 31, 2026, DRA had $13.2 billion in gross assets under management. http://draadvisors.com
