DLC, DRA Partner on Five-State Retail Portfolio for $429M

Open-air shopping center owner-operator DLC and a fund managed by DRA Advisors have acquired an off-market, multistate shopping center portfolio totaling approximately 2.12 million square feet for $429 million. The joint venture is an eight-asset portfolio, marks DLC’s first retail acquisitions in Phoenix and Oklahoma, and expands its presence in Texas and Florida.

Anchored by long-term national tenants including Nordstrom Rack, REI, TJ Maxx, Ross, Dick’s Sporting Goods, HomeGoods, Marshalls, Total Wine, Ulta Beauty, and others, the portfolio is 91.3% leased with 184,000 square feet of vacant space. The acquisition immediately expands DLC’s national footprint across Texas, North Carolina, Florida, Arizona, and Oklahoma.

Newmark’s debt capital markets team, led by Adam Spies, Conor Lalor, Jordan Roeschlaub and John Caraviello, arranged the acquisition financing.

The deal follows the October purchase by DLC and DRA of a $625-million, 10-property West Coast retail portfolio. DLC and DRA have now completed more than $1.7 billion of acquisitions together.

Pictured: Portofino Shopping Center in Shenandoah,TX.

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