FOR IMMEDIATE RELEASE:
(Elmsford, NY) 3/31/22 – DLC Management Corporation, a leading national owner and operator of open-air shopping centers, is pleased to announce its acquisition of La Frontera Village, a regional shopping destination in Round Rock, TX (Austin MSA), one of the fastest growing markets in the country. The 534,566 SF center is situated at the northwest corner of the I-35 and TX-45 interchange and is adjacent to the Dell World Headquarters campus, which employs over 13,000. Apple, Tesla, Amazon, IBM, and Facebook have also expanded into the market creating thousands of new jobs.
The area around La Frontera has seen incredible growth. An estimated 52K people have relocated within a 5-mile radius of the center in the past 10 years. “Right now, as we come out of Covid, many investors are focused on growth markets, and for growth from a population standpoint, look no further than Austin, TX,” stated Aaron Wu, Vice President & Head of Acquisitions.
A strong existing tenant mix, several residential communities around the center, and no shortage of job opportunities in the area has made La Frontera one of the most desirables centers to lease space. “There is a tremendous amount of leasing interest here and value-add opportunities,” Aaron Wu continued, “You have a strong performing Sam’s Club and Lowes, and the tenants do really well here.” Several retailers at this center are some of the top performers in the market.
A robust mix of national retailers including Kohl’s, Sam’s Club, Lowes, Hobby Lobby, Bed Bath & Beyond, Marshalls, Burlington, Barnes & Noble, Old Navy, and more, help to draw over 5.5 million shoppers a year to the center. These numbers place La Frontera in the Top 2% of all shopping centers in the U.S. Chris Ressa, Executive Vice President & COO, announced, “DLC was able to source a new opportunity with a potential junior anchor, Boot Barn, a publicly traded retailer, during due diligence, and successfully signed a lease with them immediately following the closing of the acquisition of the shopping center.” Boot Barn is expected to open Q3 of 2022.
La Frontera is the second Texas property DLC Management has acquired in March, Wood Ridge Plaza in Oak Ridge North, TX being the first a few weeks earlier. DLC continues to look for opportunities in Texas to expand its footprint, in the Austin market as well as Dallas, Houston, and San Antonio.
With best-in-class value creation strategies designed to create win-win scenarios for all stakeholders, DLC is focused on bringing consumers an expansive selection of high-quality merchants, delivering transformational redevelopments, and maximizing the performance of each of its shopping centers.
About DLC Management Corporation
DLC Management Corporation is one of the nation’s preeminent private retail real estate companies, with expertise in acquisitions, new developments, redevelopments, 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 Management Corporation and its portfolio, please visit www.dlcmgmt.com.
Christopher Ressa, Executive Vice President & Chief Operating Officer firstname.lastname@example.org
Jonathan Wigser, Executive Vice President & Chief Investment Officer email@example.com
Aaron Wu, Vice President & Head of Acquisitions firstname.lastname@example.org