DLC has expanded its grocery-anchored retail portfolio with the off-market purchase of West Street Shopping Center in Keene, NH, in a joint venture with Cohen & Steers. The partners acquired the 206,319-square-foot open-air center through the Cohen & Steers Real Estate Opportunities Fund. The transaction price was not disclosed.
West Street Shopping Center is anchored by a Hannaford supermarket and a Hobby Lobby store. According to the buyers, the Hannaford location ranks as the No. 2-performing store for the chain nationwide, and the grocer has operated at the property since 1984. The long-standing grocery tenancy and established retail lineup position the asset as a necessity-based shopping destination for the Keene area.
DLC describes itself as an owner and operator of open-air shopping centers and indicated that its familiarity with this type of asset and operating model was a key factor in pursuing the deal. The company emphasized that the acquisition originated off market, highlighting a sourcing approach that relies on relationships and knowledge of existing centers rather than widely marketed processes.
Founder and CEO Adam Ifshin said the firm targeted West Street Shopping Center because it views the property as an opportunity where its experience can provide a competitive edge. He noted that DLC knows the local market, has a view on the fundamentals supporting the center, and believes there is significant upside potential at the asset. Ifshin added that the company expects its operating capabilities to contribute to long-term value creation at the property.
Cohen & Steers characterized the investment as consistent with its real estate strategy, which focuses on income-producing shopping centers anchored by necessity-based retailers. The firm highlighted that it is seeking properties in established markets with limited competing retail supply, where grocery and other daily-needs tenants underpin traffic and occupancy. The West Street acquisition fits that thesis by combining a high-performing national grocer with a large-format retail co-anchor in a mature open-air center.
While financial details of the transaction were not made public, the joint venture structure underscores ongoing institutional interest in grocery-anchored retail assets. For both firms, the off-market nature of the purchase and the presence of a top-performing anchor tenant align with a focus on durable cash flows and operational value-add at existing open-air centers.
