Tarrytown, N.Y. — A joint venture between Tarrytown-based DLC Management Corp. and New York City-based DRA Advisors LLC has acquired a 16-property retail portfolio totaling 4.85 million square feet in New York and Alabama for $390 million.
The portfolio was acquired from DDR Corp. The acquisition will bring DLC’s owned square footage to approximately 21.7 million square feet. The joint venture has plans to re-develop several of the newly acquired centers, and DLC will open a new satellite office in Buffalo, New York, to help facilitate the management of the new properties.
Acquired properties include:
- Big Flats Consumer Square, 641,222-square-foot retail property located near Arnot Mall in Big Flats, New York.
- BJ’s Plaza, a 175,965-square-foot retail property located in Hamburg, New York.
- Brook Highland Plaza, a 549,466-square-foot retail plaza located Birmingham, Alabama.
- Burlington Plaza, a 179,333-square-foot retail property located in Amherst, New York.
- Delaware Consumer Square, a 239,059-square-foot retail property located in Buffalo, New York.
- Elmwood Regal Center, a 145,707-square-foot shopping center located in Buffalo, New York.
- Freedom Plaza, a 182,059-square-foot shopping center located in Rome, New York.
- McKinley Mall Outparcels, an 85,000-square-foot retail property located near McKinley Mall in Hamburg, New York.
- McKinley Milestrip Center, a 240,499-square-foot retail property also located near McKinley Mall in Hamburg, New York.
- Mohawk Commons, a 530,190-square-foot retail property located in Niskayuna, New York.
- Thruway Plaza, a 522,616-square-foot shopping center located in Cheektowaga, New York.
- Tops Plaza, a 230,817-square-foot retail property located near Cornell University and Ithaca College in Ithaca, New York.
- Tops Plaza, a second 296,527-square-foot shopping center by that name located in Lockport, New York.
- Walmart Plaza, a 469,332-square-foot shopping center located in Olean, New York.
- Westgate Plaza, a 331,866-square-foot retail center located near Greater Rochester International Airport in Gates, New York.
- Williamsville Place, a 102,792-square-foot retail property located in Williamsville, New York.
Tenants such as The Home Depot, Walmart, Target, Lowe’s, PetSmart, Dick’s Sporting Goods, Field & Stream, T.J. Maxx, Old Navy, Petco, Tops Markets, Price Chopper and LA Fitness are located within the portfolio.
“The acquisition of this portfolio represents an unparalleled growth opportunity for our firm,” says Adam Ifshin, president and CEO of DLC. “It will allow us to deepen our existing relationships and build new ones with national, regional and local retailers.”
— Katie Sloan