Akers Center is a 415,737 sf shopping center with tenants such as Target, Hobby Lobby, and Toys 'R' Us. The facility currently has nine vacant stores, in which a leasing team is looking to fill soon. The spots range in size from 1,500 sf to 12,000 sf. The center was renovated in 2006.
Late last week, as reported by GlobeSt.com, DLC Management acquired nine shopping centers in four Southern states. The acquisition totaled more than 1 million sf.
While DLC Management does not release the amount of money spent on each acquisition, in a statement regarding the most recent purchase the company is said to have invested over $300 million for the 18 centers acquired in 2006.
Earlier this week, DLC formed a development team to meet the growing needs of their tenants. As reported by GlobeSt.com, Alfred Callegari, former New York area regional director of real estate for CVS Pharmacy, was hired to head the division. President Adam Ifshin said part of the thinking behind forming a development arm was that the company had more money than it could spend merely in acquisitions.
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