DLC acquires Louisiana open-air center with 3 million annual visitors
One of the nation’s most aggressive acquirers of high-performing open-air centers in the nation, Adam Ifshin, has landed himself another prize property.
“Towne Center at Cedar Lodge is the type of retail asset we target — dominant positioning, high-performing national anchors, and meaningful value-add opportunities,” said the founder and CEO of Elmsford, N.Y.-based DLC Management Corp., whose company acquired the center in concert with DRA Advisors.
The 316,000-sq.-ft. center in Baton Rouge recorded 3.3 million visits last year, making it the most-visited retail property in the state capital. Located at the high-traffic corner of Jefferson Highway and Corporate Boulevard with access to I-10 and I-12, it also benefits from close proximity to Louisiana State University and its more than 40,000 students.
Cedar Lodge is 93% leased and anchored by a top-performing Whole Foods Market — the No. 2 Whole Foods in the state — and national retailers such as Barnes & Noble, Nike, Gap, and Ulta Beauty.
Other key retail tenants include Books-A-Million, The Children’s Place, Anytime Fitness, European Wax Center, Kirkland’s Home, and Ann Taylor Loft.
The food-and-beverage menu lists Bonefish Grill, P.F. Chang’s, Cold Stone Creamery, Five Guys, and Zoe’s Kitchen.
Ifshin noted that Cedar Lodge’s upside potential includes lease-up of existing vacancies mark-to-market renewals, credit enhancement opportunities, and potential backfills. A planned 286-unit multifamily development adjacent to the center is expected to further increase foot traffic and long-term value.
“The property’s strong in-place cash flow, combined with meaningful long-term upside, makes it a compelling fit for our investment strategy and underscores our continued conviction in partnering with best-in-class operators like DLC,” said Brett Gottlieb, senior managing director of DRA Advisors.
Since December 2023, DLC has closed 11 deals with its co-general partner, Temerity Strategic Partners, which has committed growth capital to help DLC expand its assets by $2 billion by 2026.
“Our team excels at positioning assets for growth,” said DLC’s COO Chris Ressa. “At Towne Center at Cedar Lodge, we have a strong vision for unlocking value through active leasing, mark-to-market opportunities, and creative solutions for repositioning vacancy.”
DLC Management owns and/or operates more than 80 open-air centers in the U.S., stretching from Maine to Florida to Arizona.
