DLC, the Elmsford, New York-based owner/operator of open-air shopping centers, has acquired two Walmart Supercenter-anchored shopping centers in Columbus, Ohio, for $76.25 million.
The properties, which are approximately 99% occupied, include the 395,074-square-foot Taylor Square and the 226,718-square-foot Tuttle Crossing. DLC already owns over 562,000 square feet of open-air shopping centers in the region, including Northern Lights and Powell Center, which boast high occupancy rates of 89% and 96%, respectively.
“The acquisition of Taylor and Tuttle marks another milestone for DLC in the Columbus MSA,” said Adam Ifshin, DLC founder and CEO. “We’ve owned in this market for more than 20 years, with two other centers in close proximity, a third that we sold in the last year at accretive pricing, and we are in development at Northern Lights adding self-storage. The proximity of The Ohio State University, a strong corporate nexus, housing growth, and other major economic drivers keep us on the hunt for what is next.”
It marks DLC’s second collaboration with Principal Asset Management in 2024 and the eighth in partnership with Temerity Strategic Partners. This year alone DLC has acquired over $400MM in new properties.
Photo: Tuttle Crossing, courtesy of Mike Kalasnik / Flickr Creative Commons
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