DLC sells Connecticut’s Tri-City Plaza
In 2025, DLC Management Corp. CEO Adam Ifshin and the company’s investment partners spent more than $1 billion buying up open-air centers nationwide.
At the same time, they have been fine-tuning the company’s portfolio by divesting properties that have met the developer’s stated investment goals.
One such is Tri-City Plaza, a 296,000-sq.-ft., ShopRite-anchored center situated directly off Interstate 84 in Vernon, Conn., which DLC sold to East Coast Acquisitions this week. The $62.5 million sale was handled by CBRE’s national retail partners unit.
“Tri-City Plaza received significant investor interest due to its high-volume grocery anchor, central position within the market and diverse e-commerce-resistant tenant mix,” said CBRE’s Jeff Dunne. ”DLC completed 130,000 square feet of leasing at the center over the last five years, demonstrating the center’s dominance within the market.”
The center is 96% leased and — in addition to ShopRite--is anchored by TJ Maxx, Home Goods, HomeSense and Hartford Healthcare. Tri-City is situated within 10 miles east of downtown Hartford and draws significant traffic from the surrounding towns of Vernon, Manchester, and Windsor.
“East Coast Acquisitions will benefit from the center’s strong in-place income with the ability to grow net operating income through additional leasing opportunities,” noted CBRE’s David Gavin.
CBRE’s Metro NY National Retail Partners is currently marketing several other retail real estate properties that include Cortlandt Crossing — a 122,000-sq.-ft. ShopRite-anchored center in Mohegan Lake, N.Y. — and Livingston Shopping Center, a 138,425-sq.-ft. center situated on Rt. 10 in Livingston, N.J.
DLC, meanwhile, continues on its expansion spree, having acquired a $2.3 billion capital commitment from Temerity Strategic Partners to accelerate new acquisitions.
The Elmsford, N.Y.-based company 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.
