ELMSFORD AND NEW YORK CITY, N.Y. — DLC, in partnership with a fund managed by DRA Advisors, has acquired a multi-state shopping center portfolio in an off-market transaction for $429 million. Totaling 2.1 million square feet, the portfolio comprises eight shopping centers across five states. The seller was not disclosed.
The properties include Central Texas Marketplace in Waco, Texas; Portofino Shopping Center in the Houston suburb of Shenandoah; Watauga Pavilion in the Dallas suburb of Watauga; Shops at Park Place in Plano, Texas; Pavilion at King’s Grant in the northeast Charlotte suburb of Concord, N.C.; International Speedway Square in Daytona Beach, Fla.; Peoria Square in Glendale, Ariz.; and Belle Isle Station in Oklahoma City, Okla.
The portfolio was 91.3 percent leased at the time of sale. Long-term tenants across the portfolio include Nordstrom Rack, REI, T.J. Maxx, Ross Dress for Less, Dick’s Sporting Goods, HomeGoods, Marshalls, Total Wine & More and Ulta Beauty.
This portfolio marks DLC’s first retail acquisitions in Phoenix and Oklahoma and expands the company’s existing presence in Texas and Florida. In October, DLC and DRA Advisors purchased a $625 million retail portfolio on the West Coast. The two organizations have now completed more than $1.7 billion of acquisitions together.
“This acquisition is in high-demand Sun Belt and Southwest markets and further displays DLC’s commitment to expanding in these regions,” says Adam Ifshin, founder and CEO of Elmsford-based DLC. “We are excited to once again partner with DRA Advisors to maximize the potential of these assets.”
Adam Spies, Conor Lalor, Jordy Roeschlaub and John Caraviello of Newmark arranged the acquisition financing for the buyers.
DLC is one of the largest owners and operators of open-air shopping centers in the country, with more than $3 billion and 21 million square feet in assets under management. New York City-based DRA Advisors is an investment advisor specializing in real estate investment management services for institutional and private investors.
— Hayden Spiess