"There are incremental value-added opportunities in virtually all of the centers, in the form of lease-up of vacant space, outparcel development, the potential expansion of the several of the anchored tenants and, in certain centers, there are some below-market leases that we expect to roll to market rents when those leases are over," Adam Ifshin, DLC's president, tells GlobeSt.com. "It's a nice upside story across the board."
The Southeast portfolio includes: Brookwood Village in Atlanta; Cobb Center in Smyrna, GA; Greystone Village in Raleigh, NC; Highland Square in Jacksonville, FL; North Pointe in Columbia, SC; Peachtree Parkway Plaza in Norcross, GA; and Poplar Springs Plaza in Duncan, SC. Including this portfolio, DLC has acquired eighteen shopping centers in the Southeast over the past 11 months. In a prepared statement, DLC says that it anticipates future growth in the region before the end of the year. The company notes that it is currently scheduling appointments for the ICSC New York Deal Making show to discuss attractive retail opportunities and its aggressive acquisition plan.
Brookwood Village consists of 28,774 sf and is located at the intersection of Peachtree Road and Brighton Road. Anchored by CVS, Brookwood is situated across the street from Piedmont Hospital and within walking distance to Atlantic Station, which includes Dillards, Gap, Old Navy, Banana Republic, American Eagle, Ann Taylor, IKEA & Regal Cinemas.
Cobb Center is 69,546 sf and is anchored by Publix. The community shopping center is positioned near the Cumberland Mall. According to a release, the Cobb market is one of Atlanta's strongest retail hubs, with additional area retailers that include Target, Borders, AMC Theaters, Best Buy and Wal-Mart.
Greystone Village consists of 85,665 sf and is anchored by Food Lion. The three-mile radius boasts a buying power of more than $1.5 billion, the release notes. Additional area retailers include Barnes & Noble, Home Depot, TJ Maxx and Bed Bath & Beyond.
Highland Square consists of 262,195 sf and is co-anchored by strong national tenants including Publix, Office Depot, Big Lots, Dollar Tree, Bealls and CVS. The open-air shopping center is situated in the midst of an abundance of new residential developments. It is located three-miles from the Jacksonville International Airport and directly off I-95.
North Pointe consists of 64,255 sf is 100% leased and tenanted by national and regional tenants including Publix, UPS, State Farm Insurance, Edward Jones and Bell South. Other area tenants at the community shopping center on Two Notch Rd. include Bed Bath & Beyond, Big Lots, CVS, Office Depot, Pier One, Tuesday Morning and Home Depot.
Peachtree Parkway Plaza consists of 95,509 sf and is home to national and regional tenants including Goodwill, Dollar General, Weight Watchers and Curves. Located on Peachtree Parkway, a major commuter thoroughfare, the center benefits from a traffic count of over 50,000 VPD and has the convenience of five points of ingress/egress.
Poplar Springs Plaza consists of 64,038 sf and is anchored by Publix. The community shopping center also houses McDonalds, Wachovia, Subway, BP Fuel Center, and UPS. The plaza is located at the intersection of East Main and Reidville Road.
DLC has been active recently in the Southeast as well as other parts of the US. As GlobeSt.com recently reported, it acquired the 336,663-sf Stone Mountain Square shopping center in Georgia for just under $34 million in August. DLC also acquired two adjacent retail centers totaling 166,600 sf in Highland, IN this past July. In June, the company closed on a $62.9 million 395,000-sf New England Portfolio, as GlobeSt.com also reported.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
