DLC Management Corporation has formed a joint venture with DRA Advisors to acquire a shopping centre portfolio of 16 properties comprising 4.85 million square feet.
The acquisition leads to 26% growth in DLC’s ownership reaching to 21.7 million square feet. The deal also improves the value of DLC’s portfolio to $2.7 billion, soaring by 17%.
DLC president and CEO Adam Ifshin said: “The acquisition of this portfolio represents an unparalleled growth opportunity for our firm. It will allow us to deepen our existing relationships and build new ones with national, regional and local retailers.”
DRA director of acquisitions Brett Gottlieb said: “We are excited to form this significant joint venture with DLC, a best-in-class retail owner and operator, with this value-add transaction. We look forward to growing our relationship with DLC in the future."
Private retail real-estate company DLC plans to re-develop most of the newly acquired centres to enhance value and the overall portfolio.
It is also scheduled to open a new satellite office at Buffalo in New York to expedite the management process and provide quick service to local tenants.
Among the 16 properties, 15 are located in the state of New York and one in Alabama.
Ifshin added: “This transaction allows us to accelerate key portions of our company's strategic plan.
“Growth remains a core part of our ethos in addition to growing our asset base, and we will continue to invest in our development platform, third-party services and our team. This is a watershed moment for our company and I am excited about our future success prospects.”