**DLC, DRA Acquire Five-State Retail Portfolio for $429 Million**
DLC, an open-air shopping center owner-operator, in partnership with a fund managed by DRA Advisors, has acquired an off-market, multi-state retail portfolio totaling approximately 2.12 million square feet. The $429 million transaction includes eight retail assets and marks DLC’s retail market entry into Phoenix, Arizona and Oklahoma, while also expanding its presence in Texas and Florida.
The shopping centers are anchored by a variety of long-term national retailers, including Nordstrom Rack, REI, TJ Maxx, Ross, Dick’s Sporting Goods, HomeGoods, Marshalls, Total Wine, and Ulta Beauty. Currently, the portfolio is 91.3% leased, leaving approximately 184,000 square feet of available vacancy. With this acquisition, DLC significantly broadens its national footprint across five states: Texas, North Carolina, Florida, Arizona, and Oklahoma.
Financing for the acquisition was arranged by Newmark’s debt capital markets group, with a team led by Adam Spies, Conor Lalor, Jordan Roeschlaub, and John Caraviello.
This transaction follows another major retail purchase by DLC and DRA in October: a $625 million deal for a 10-property portfolio on the West Coast. Collectively, the two firms have now completed over $1.7 billion in acquisitions.
*Pictured: Portofino Shopping Center in Shenandoah, Texas.*
