DLC adds Hannaford-anchored center to New Hampshire porfolio
Open-air shopping center owner and operator DLC Management Corp. has added a new property to its portfolio.
The Elmsford, N.Y.-based company has acquired West Street Shopping Center, a 206,319-sq.-ft. grocery-anchored shopping center in Keene, N.H., in a joint venture with real estate investment manager Cohen & Steers. The sale price was not disclosed.
Anchored by Hannaford and Hobby Lobby, national tenants at West Street also include Maurices, UPS, AAA and Tropical Smoothie Cafe. With occupancy at 80%, the property features approximately 40,000 square feet of second-generation retail space, creating an immediate opportunity for DLC to execute its leasing strategy, the company says.
"Our investment strategy is built on identifying opportunities where our experience gives us a competitive advantage," said Adam Ifshin, Founder and CEO of DLC. "We know this market, understand the fundamentals, and see significant upside in this asset. This is the kind of off-market opportunity where our knowledge and operating capabilities will drive meaningful long-term value."
Located near the New Hampshire, Vermont, and Massachusetts borders, DLC says West Street draws from a broad regional trade area, adding that Keene serves as the primary commercial hub for southwestern New Hampshire. Keene State College, Antioch University and Cheshire Medical Center.
[READ MORE: DLC sells million-square-foot center in Chicagoland]
Notably, DLC owns two other properties in Keene, N.H. – Key Road Plaza and Riverside Plaza.
"Twenty years of successfully operating in Keene gives us a clear understanding of what works in this market," said Chris Ressa, executive VP and chief operating officer at DLC. "We know the retailers, we know the customers, and we know where the demand is. With a dominant grocery anchor driving traffic and significant leasing upside, we put that knowledge to work and drive NOI growth."
DLC’s portfolio includes 24 million square feet in assets under management across more than 90 properties.
