DLC, DRA Acquire Four Retail Centers for $100 Million 

by Hayden Spiess

Elmsford, N.Y. — A joint venture between New York-based DLC Management Corp. and funds managed by DRA Advisors has acquired a portfolio of retail centers for $100 million. The portfolio comprises four properties located in Colorado, New Jersey, Arizona and Ohio. Located in Aurora, Colorado, Cornerstar totals 380,479 square feet and is anchored by Target, Marshalls, HomeGoods, 24 Hour Fitness, Nike and Ulta Beauty. Cross Keys Place in Sewell, New Jersey, comprises 147,694 square feet and is anchored by Michaels, Old Navy, Petco and Edge Fitness. The Shops at Prescott Gateway is located in Prescott, Arizona, and features 34,674 square feet. Tenants at the property include Trader Joe’s, SAS Shoes and Great Clips. The fourth property, Powell Center, totals 201,970 square feet in Lewis Center, Ohio, with tenants including Marshalls, HomeGoods, Michaels and Staples. DLC plans to implement a redevelopment at the Powell Center, which was 53 percent occupied at the time of sale, immediately. 

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