DLC Management has expanded its open-air retail portfolio with the acquisition of Perimeter Woods, a shopping center located across from Northlake Mall in Charlotte. The firm paid $36.6 million for the asset, which spans 127,000 square feet and is positioned within an established retail corridor. Kite Realty was the seller in the transaction.
According to reporting from the Charlotte Business Journal, Kite Realty Group Trust (NYSE: KRG) originally gained control of Perimeter Woods in 2014 through its acquisition of real estate investment trust Inland Diversified. That transaction folded Perimeter Woods into the Kite platform, where it remained until the sale to DLC Management.
The purchase of Perimeter Woods was completed as part of a broader, six-property acquisition program by DLC. As described by the company, DLC owns and operates open-air shopping centers across the country, and this latest portfolio addition reflects that strategy. The six assets acquired in the package collectively add more than 1.1 million square feet of space across five states to DLC’s holdings. DLC reports that these newly acquired assets are 95% occupied, underscoring the stabilized nature of the portfolio.
With this transaction, DLC continues to build on a national footprint that already includes nearly 100 open-air centers totaling more than 24 million square feet. The company’s holdings span multiple markets and property sizes, reinforcing its role as a large-scale owner in the open-air retail segment.
Within the region, DLC’s presence includes Pavilion at King’s Grant in Concord, a 303,212-square-foot open-air center. That property is anchored by TJMaxx/HomeGoods, Total Wine & More and Ulta Beauty, illustrating DLC’s focus on necessity-based and category-leading retail tenants. Pavilion at King’s Grant serves as a reference point for the type of retail environments DLC manages alongside newly acquired properties such as Perimeter Woods.
The Perimeter Woods acquisition adds another stabilized, open-air retail center to DLC’s platform, increasing its exposure to a high-occupancy portfolio that is geographically diversified across several states. While specific lease terms and tenant details at Perimeter Woods are not disclosed, the portfolio-level occupancy noted by DLC suggests that the shopping center is part of a predominantly leased group of properties.
The transaction also closes a chapter for Kite Realty Group Trust’s ownership of Perimeter Woods, which dates back to its 2014 acquisition of Inland Diversified. No additional financial terms, such as cap rate or financing structure, were disclosed in connection with the sale.
