DLC Pays $104M for Southeast Portfolio

TARRYTOWN, NY-DLC Management Corp., a national owner and operator of open-air shopping centers, acquired a portfolio consisting of seven shopping centers located throughout the Southeast for $104 million. Regency Centers were the sellers of the centers, which total roughly 670,000 sf. Consistent with DLC’s portfolio, these centers are positioned in primary, high populated markets, with strong traffic counts and excellent visibility according to a recent release.

“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.