DLC’s billion-dollar expansion spree touches down in Nebraska
DLC Management Corp. — which last October stormed into the West Coast with a purchase of 10 grocery-anchored centers in California and Washington — has made a new landing in the Midwest.
The Elmsford, N.Y.-based open-air center owner-operator this week closed on its purchase of the Shadow Lake Towne Center in Papillon, Neb., 10 miles south of downtown Omaha.
“We’re expanding into markets where the fundamentals are strong and the opportunity to create value is clear,” said Adam Ifshin, DEC’s founder and CEO. “Omaha checks every box for us: population growth, strong household incomes, and retail fundamentals that continue to outperform. We are entering this market with a dominant asset and a clear plan to create immediate value from day one.”
Shadow Lake Towne Center encompasses 640,328 square feet and is 90% leased to leading national tenants such as JCPenney, Dick’s Sporting Goods, Burlington, TJ Maxx, HomeGoods, PetSmart, Ross Dress for Less, and Ulta. The center is also shadow-anchored by a top-performing Hy-Vee grocery store.
According to DLC, Shadow Lake is the second most-visited center in Nebraska and was coveted by the developer for its strong visibility, multiple access points, and connectivity to major roadways.
“This is the dominant center in a market with healthy retailer economics and limited new supply,” said DLC’s COO Chris Ressa. “That combination, paired with our platform, delivers exceptional outcomes.”
The transaction continues DLC’s rapid growth, with more than $1.3 billion of retail assets acquired in the last 15 months in partnership with DRA Advisors. The two companies have now completed more than $2B in transactions together.
“This investment reflects our continued focus on high-quality open-air retail with durable demand and clear value creation opportunities,” said DRA’s senior managing director Brett Gottlieb. “DLC’s operating platform and experience in markets like Omaha give us confidence in the long-term performance of the asset.”