DLC, a private owner, operator, and third-party manager of open-air shopping centers, has acquired an eight-property retail portfolio spanning five states for $429 million through a joint venture with a fund managed by DRA Advisors. The off-market transaction covers approximately 2.12 million square feet of retail space. And it marks DLC’s first retail investments in both Phoenix, Arizona, and Oklahoma, while expanding its existing presence in Texas and Florida.
The acquisition follows an active year of retail investment by the partners. In October, DLC and DRA completed the purchase of a $625 million, 10-property West Coast retail portfolio. With the closing of this latest transaction, the firms have now completed more than $1.7 billion in acquisitions together, reinforcing a growing strategic partnership focused on large-scale retail assets in high-demand markets.
The newly acquired portfolio is anchored by long-term national tenants including Nordstrom Rack, REI, TJ Maxx, Ross, Dick’s Sporting Goods, HomeGoods, Marshalls, Total Wine, and Ulta Beauty. At the time of acquisition, the properties were 91.3 percent leased, with approximately 184,000 square feet of vacant space that DLC intends to address through targeted leasing and operational initiatives.
Geographically, the portfolio expands DLC’s national footprint across Texas, North Carolina, Florida, Arizona, and Oklahoma. The assets include power centers and high-visibility shopping destinations located in densely populated and fast-growing suburban markets. DLC plans to capitalize on strong tenant renewal momentum, high retention rates, and steady in-place cash flow growth, while pursuing incremental value creation through focused leasing strategies.
Among the assets included in the transaction are Central Texas Marketplace in Waco, Texas; Portofino Shopping Center in Shenandoah, Texas; Watauga Pavilion in the Dallas-Fort Worth suburb of Watauga; Shops at Park Place in Plano, Texas; Pavilion at King’s Grant in Concord, North Carolina; International Speedway Square in Daytona Beach, Florida; Peoria Square in Glendale, Arizona; and Belle Isle Station in Oklahoma City, Oklahoma. Several of the centers are located near major highways, regional malls, and large-scale mixed-use developments, providing strong traffic drivers and long-term growth potential.
Financing for the acquisition was arranged by Newmark’s debt capital markets team, led by Adam Spies, Conor Lalor, Jordy Roeschlaub, and John Caraviello.
The transaction also continues DLC’s broader growth strategy. Since 2023, the firm has acquired approximately $1.6 billion in new assets, added 22 properties to its portfolio, expanded to the West Coast, and increased its holdings to more than seven million square feet of retail space. This acquisition represents the thirteenth transaction closed with Temerity Strategic Partners, which has committed growth capital to support DLC’s plan to expand its asset base by $2 billion by 2026.
Headquartered in Elmsford, New York, DLC manages more than $3 billion in assets under management across more than 80 properties nationwide. DRA Advisors, a New York-based registered investment advisor founded in 1986, manages real estate investments for institutional and private investors and oversees billions of dollars in assets across multiple property sectors.
KEY QUOTES:
“Our team’s ongoing ability to source and complete the off-market acquisition of premiere retail assets in key U.S. markets demonstrates our data-driven insight, nurtured relationships, and speed of execution. This acquisition is in high-demand sunbelt and southwest markets and further displays DLC’s commitment to expanding in these regions. We are excited to once again partner with DRA Advisors to maximize the potential of these assets.”
Adam Ifshin, Founder And CEO, DLC
“We continue to see outstanding fundamentals in retail and strong tenant demand that is driving durable cash flows across the sector. This portfolio aligns perfectly with our strategy and demonstrates our ongoing appetite for high quality retail. Our partnership with DLC has expanded meaningfully over the past several years and this acquisition is an exciting continuation of that momentum. We look forward to creating value together across these assets.”
Brett Gottlieb, Senior Managing Director, DRA Advisors
“This acquisition further proves our culture’s strength and our industry-wide reputation for surfacing opportunities and driving NOI growth through targeted leasing. These power centers sit in highly in-demand retail markets, have exceptional in-place tenant sales, and are overwhelmingly the dominant assets in their trade areas. They are exactly the type of assets where DLC has historically delivered outsized results. They give our team room to create value through focused leasing and disciplined execution that drives NOI today, not five years from now. Expanding into Phoenix and Oklahoma reinforces DLC’s model. The right culture, the right platform, and the right approach to retail leasing unlock growth in any market. As we close out 2025, leasing momentum for open-air shopping centers will certainly be a major topic at next week’s NYC ICSC.”
Chris Ressa, Chief Operating Officer, DLC
