Tarrytown, NY-based DLC Management, a private retail real estate owner, has just grown its portfolio by 1.57 million square feet with a 16-shopping center portfolio deal. Edens & Avant sold the portfolio to DLC for an undisclosed amount in this owner-to-owner transaction, facilitated with no outside brokerage representation.
An East Coast private shopping center owner, Edens & Avant held a portfolio of more than 140 retail centers in 16 states prior to this announcement.
Including this transaction, DLC has completed 31 acquisitions in 2007, representing a 27% growth in its portfolio over 2006. The company now boasts a portfolio of 94 shopping centers totaling more than 16.5 million square feet in 25 states.
While the portfolio is not consistent with Edens & Avant's focus on owning higher profile lifestyle and power centers on the east coast, it is consistent with DLC's focus on acquiring neighborhood and community shopping centers with strong traffic counts and good visibility in well populated markets that already do or have the potential to generate strong repeat consumer traffic.
DLC's newly acquired portfolio spans seven Southeast and Mid-Atlantic states and the assets are primarily grocery-anchored neighborhood and community centers, as follows:
ALABAMA:
Gulfdale Plaza - Mobile, AL Gulfdale Plaza (94,712 SF) is a community shopping center located at the intersection of Gulfdale Drive and Dauphin Island Parkway in Mobile, AL. Gulfdale Plaza is anchored by Food World and includes Burke’s Outlet, Family Dollar and others.
Shields Plaza - Huntsville, AL
Shields Plaza (79,240 SF) is a community shopping center located at the intersection of Winchester Road and Shields Road in Huntsville, AL. Tenants include Dollar General, Rite-Aid and Movie Gallery; but there is a 44,000-SF vacant anchor box.
FLORIDA:
Marketplace at Ocala - Ocala, FL
Marketplace at Ocala (74,692 SF) is a community shopping center located at the intersection of Blitchton Road and 44th Avenue in Ocala, FL. The center is anchored by Winn-Dixie, and also features Dollar General, Supercuts and H&R Block.
Marketplace at Palm Bay - Palm Bay, FL
Marketplace at Palm Bay (149,752 SF) is an open-air shopping center anchored by Winn-Dixie and Beall’s Outlet. The center is located at the intersection of Babcock Street and Port Malabar Boulevard in Palm Bay, FL. DLC also owns Palm Bay Center, a 135,049 shopping center anchored by Publix nearby.
GEORGIA:
Crossroads South - Jonesboro, GA
Crossroads South (211,178 SF) is an open-air shopping center anchored by Kroger and K-Mart. Located at the intersection of Spur and Tara Boulevard, this center is features Eckerd, Fashion Bug, Shoe Show, Rent-A-Center, GNC, Supercuts and Big 10 Tire. DLC also owns the nearby Tara Crossing, a 235,219 SF shopping center located in Jonesboro.
MISSISSIPPI:
Fulton Crossing - Corinth, MS
Fulton Crossing (179,905 SF) is anchored by Kroger and Kmart. Other tenants include Dollar Tree, CATO and Advance Auto Parts. The center is located at the intersection of Hwy 72 West and Fulton Drive in Corinth, MS. The acquisition of this center marks DLC's entrance into Mississippi.
NORTH CAROLINA:
South Square Marketplace - Charlotte, NC
South Square Marketplace (72,219 SF) is a community shopping center located at the intersection of East Arrowood Road and South Boulevard in Charlotte, NC. Anchored by Compare Foods, it is also home to CATO and H&R Block. DLC also owns Akers Center in Gastonia, NC (Charlotte MSA), a 415,737 SF power center anchored by Target, Steve & Barry’s and Toys ‘R’ Us.
Swift Creek Plaza - Garner, NC
Swift Creek Plaza (56,890 SF) is a Food Lion-anchored community shopping center located at the intersection of Glen Road and Technology Drive in Garner, NC.
SOUTH CAROLINA:
Armstrong Plaza - Fountain Inn, SC
Armstrong Plaza (57,838 SF) is a community shopping center located at the intersection of N. Main Street and Valley View Road in Fountain Inn, SC (Greenville, SC - MSA). Anchored by BI-LO, the center also includes CVS Pharmacy and H&R Block.
Broad River Centre - Columbia, SC
Broad River Centre (48,650 SF) is a community shopping center located at the intersection of Broad River Road and Brevard Street in Columbia, SC. Anchored by Food Lion, other tenants in the center include CVS Pharmacy and Family Dollar. DLC Management also owns North Pointe, a 64,255 SF, Publix-anchored community shopping center located in Columbia, SC.
Butler Square - Maudlin, SC
Butler Square (85,315 SF) is a community shopping center located at the intersection of West Butler Avenue and Cary Drive in Maudlin, SC (Greenville, SC - MSA). Anchored by Bi-Lo, other tenants include Dollar Tree, Sally Beauty, CATO and TCBY Yogurt.
VIRGINIA:
Cypress Point - Virginia Beach, VA
Cypress Point (117,958 SF) is a community shopping center anchored by Farm Fresh and Family Dollar, located at the intersection of Diamond Springs Road and Wesleyan Drive.
Ridgewood Farm - Salem, VA
Ridgewood Farm (79,342 SF) is a community shopping center located in Salem, VA. The center is anchored by Kroger and Tuesday Morning and also includes Super Cuts, Subway and Check N’ Go.
Southwest Plaza - Roanoke, VA
Southwest Plaza (87,434 SF) is a community shopping center located at the intersection of Electric Road and Grandin Road in Roanoke, VA. The center was recently renovated and is anchored by an expanded Food Lion. Other retailers include CitiFinancial, Great Clips and Firestone.
The Village Courts - Lynchburg, VA
The Village Courts (77,576 SF) is a Kroger-anchored community center located at the intersection of Boonesborough Road (Route 627) and Route 388 at the entrance of Fort Boonesborough State Park.
West Broad Commons - Richmond, VA
West Broad Commons (103,308 SF) is an open-air shopping center anchored by Food Lion and located at the intersection of Broad Street and Tuckernuck Drive.
source: costar.com
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