DLC takes a West Coast stand with 10-property acquisition
DLC Management CEO Adam Ifshin’s 2023 vow to double the size of his company’s portfolio proceeds apace with a stunning 10-center buy that will establish its presence on the West Coast.
“This joint venture marks a landmark moment for DLC as we expand to the West Coast and continue our evolution into a truly national enterprise,” Ifshin said of the $625 million acquisition executed by DLC and its investment partner DRA Advisors.
Now part of the Elmsford, N.Y.-based company’s growing portfolio:
- Alderwood Plaza - Lynwood, WA
- Clairemont Town Square, San Diego, CA
- El Monte Center - El Monte, CA
- Highland Avenue Plaza - San Bernardino, CA
- Hunter Court Shopping center - Lake Forest, CA
- Magnolia Tyler Center - Riverside, CA
- Mountaingate Plaza - Simi Valley, CA
- The UV - Sacramento, CA
- Town Center at Lake Forest - Lake Forest Park, WA
DLC will take over leasing, property management, and construction management of this bundle of grocery-anchored centers acquired from Merlone Geier Partners, owners and developers of open-air properties that span the West Coast.
“While we have selectively invested in western markets before—most notably in San Diego, Seattle, and Southern California—this is the first opportunity of scale and quality to warrant establishing a permanent West Coast presence,” Ifshin noted.
As a result of the purchase, DLC will establish its first West Coast regional office with the intent of expanding its growth in the Pacific and Mountain states.
This transaction is the 12th deal that DLC has closed since December 2023 with its co-general partner, Temerity Strategic Partners, which has committed growth capital to help DLC expand its assets by $2 billion by 2026.
In August, DLC and DRA acquired the Towne Center at Cedar lodge in Baton Rouge, La., which logged more than 3 million customer visits last year.
“We are excited to welcome new West Coast team members into a culture defined by collaboration, accountability, and growth,” said DLC partner and COO Chris Ressa. “This move is just the beginning of our effort to build a truly national platform. It’s an exciting time to be part of DLC.”
