(For more retail coverage, click GlobeSt.com/RETAIL.)
TARRYTOWN, NY-DLC Management Corp. has purchased over 1.1 million sf of retail centers in four southern states. Edens & Avant sold the nine properties for an undisclosed purchase price.
Located in Georgia, Florida, Alabama and Tennessee, the properties will increase DLC's holding by 10%. The national owner of shopping centers purchased five Georgia properties; 88,646-sf Five Forks Corner in Lilburn; 63,650-sf Indian Creek Crossing and 71,268-sf Rockbridge Place in Stone Mountain; 99,236-sf Tree Trail Village in Norcross; and 92,786-sf Riverdale Crossing in Riverdale. It added two Alabama properties to its portfolio; 132,734-sf Centre at Riverchase in Birmingham and 239,516-sf Florence Square in Florence. The purchase also included, The 255,853-sf Winchester Court in Memphis and 91,727-sf Amelia Plaza in Fernandina, FL.
"We are excited to add these exceptional properties to our expanding portfolio," says DLC President Adam Ifshin in a statement. "We look forward to apply our strategic leasing and management skills to each center and improve value for the benefit of each respective community."
This year DLC has acquired 17 shopping centers, including this purchase, for a total investment of $300 million. As reported by GlobeSt.com, in June DLC acquired a 297,000-sf open-air shopping center at Northland Plaza in Dekalb, IL. The sale price for this property exceeded $40 million. In early September DLC acquired its first Boston property in the 101,782-sf Namco Plaza there. The deal marked the company's sixth New England asset. Later in September, it acquired Tri-City Plaza, a 300,000-sf property, for $48.3 million. At that time, Ifshin said the company had a possible pipeline of 1.7 million sf in 11 deals, totaling $174 million.
"We expect to further expand our portfolio with additional acquisitions before the end of the year," Ifshin says in the release.
DLC and Edens & Avant did not return phone calls.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
