DLC, the Elmsford, New York-based owner/operator of open-air retail assets, has acquired the Colony Place shopping center in Plymouth, Massachusetts, for $86 million in an off-market transaction.
Colony Place has more than 50 stores and is 94% leased. The shopping center recorded 5.1 million total visits and 612,700 unique visitors in 2023.
The acquisition is the first for DLC in the Boston metro area and the first where Principal Asset Management served as a transaction as adviser. The acquisition also marks DLC’s second deal with Temerity Strategic Partners – the companies launched a venture last December to support DLC with growth capital, with the goal of doubling DLC’s portfolio by 2025.
“Located midway between Boston and Cape Cod, the center is a trophy asset in the Boston market with no direct comparable shopping centers,” said Adam Ifshin, founder and CEO of DLC. “We are thrilled to work with Principal Real Estate to get this deal across the finish line in a very short timeframe. “I’ve said it before and I’ll say it again – while the current rate environment has made other investors step aside, at DLC we’re stepping up. This deal is just the latest in a string of activity with the focus on high-quality centers where, utilizing our elite team, we can enhance the customer experience by curating a superior merchandising mix.”
Photo courtesy of Colony Place
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