Ian Ritter is national online editor of GlobeSt.RETAIL.
SCHERERVILLE, IN-DLC Management Corp. has acquired a 152,000-sf grocery-anchored center here called the Crossroads Shopping Center for $19 million. The Tarrytown, NY-based company bought the store from Rosewood Property Co. of Dallas.
Crossroads is anchored by regional grocer Strack & Van Til. The 87,000-sf store is averaging $550 per sf, says Daniel Taub, an SVP at DLC.
The acquisition brings DLC's total number of centers in the Midwest to 13, and the company currently has 42 properties here and on the East Coast. "The Midwest is a long-term strategic region for us," Taub says. "We are looking for quality real estate that will stand the test of time."
The company is pursuing all types of centers in the region, not just supermarket-anchored properties. Other Midwestern states DLC has a presence in are Illinois, Michigan, Missouri and Wisconsin. Crossroads is the company's fourth acquisition of the year. DLC has also acquired Torrington (CT) Commons, Tower Shopping Center in Raleigh, NC and West River Shopping Centre in Farmington Hills, MI.
An Aug. 30 DLC officials announced a strategic alliance of GL Blackstone & Associates of Mount Vernon, NY. The venture, called DLC UrbanCore, plans to develop and renovate free standing retail buildings and shopping centers on the East Coast and Midwest.
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