DLC attains $2.3 billion in capital to continue its center expansion
In this era of minimal construction of retail real estate, DLC Management CEO Adam Ifshin remains on his mission to make the developer the nation’s largest owner of open-air centers.
The Elmsford, N.Y-based company has acquired a $2.3 billion capital commitment from Temerity Strategic Partners to accelerate acquisitions as retail real estate enters a new pricing cycle.
Since launching its initial partnership with Temerity in 2023, DLC has acquired $1.5 billion of acquisitions — with an additional $560 million currently under contract — to continue “reinforcing the strength of its pipeline, its ability to deploy capital at scale, and its attractiveness as a counterparty to sellers across the country,” according to a press release announcing the deal.
“This is not a wait-and-see environment. This is a go environment,” said Ifshin. “Retail real estate is entering a new pricing cycle, and we are uniquely positioned to move at scale. We’ve built this platform to act decisively, and this additional capital allows us to do exactly that.”
Temerity Strategic Partners, a Chicago-based private equity firm focused on backing leading real estate operators, is deepening its relationship with DLC, its exclusive open-air retail partner.
“We are excited to expand our partnership with Adam and the DLC team,” said Josh Livingstone, the managing director of Temerity Strategic Partners. “DLC’s disciplined approach positions them well to further scale in the current environment. We believe open-air retail is entering a period of renewed momentum.”
According to DLC, the Temerity commitment will be used to further its expansion of grocery-anchored and power centers nationwide, with a focus on acquiring and operating high-performing open-air retail assets.
Ifshin noted that its new capitalization from Temerity will further DLC’s strategy of deploying capital during periods of market transitions to capture opportunity at scale.
DLC is one of the nation’s leading owners and operators of open-air shopping centers, with more than 22 million square feet in assets under management across 90-plus properties.
Two years ago, DLC acquired Renovo Construction and NWS Architects to handle buildouts and ground-up construction of new spaces for retailers leasing spaces in its centers.
