Fast-expanding operator buys Springfield Commons in Virginia
DLC Management Corporation CEO Adam Ifshin’s plan to buy at the bottom during a period of significant disruption in the retail real estate market continues apace.
DLC and global investment manager Cohen & Steers have acquired Springfield Commons Shopping Center in Fairfax County, Va. — one of the nation’s Top 10 richest counties. The buy takes the Elmsford, N.Y.-based company’s 12-month acquisition investments to $400 million.
In June, DLC partnered with Cohen & Steers on the purchase of Spring Creek Centre and Steele Crossing, a 403,000-sq.-ft. combined open-air center in Fayetteville, Ark. Last December, along with Temerity Strategic Partners, it spent $100 million acquiring four open-air centers stretching from the Northeast down through Texas.
Ifshin stated in 2023 that his goal was to double the size of DLC’s portfolio by the end of 2026.
“Springfield Commons underscores our commitment to investing in high-quality, well-located assets,” said Ifshin in a press release announcing the deal. “With its strong tenant mix and prime location in Fairfax County, Springfield Commons represents an exciting opportunity to bring additional value to the community. We look forward to maximizing its performance as we further solidify our presence in the Washington D.C. MSA.”
DLC was attracted to the property for its 1,300-sq.-ft. frontage at the interchange of I-95 and State Route 289 in Springfield, Va., and its close access to the Metro Station linked to Washington, 15 miles away. It is also shadow-anchored by a Home Depot.
DLC also announced that it has secured deals with several national chains that will lift Springfield Commons’ occupancy rate from 78% to 98%.
James S. Corl, head of the private real estate group at Cohen & Steers stated that, currently, valuations in the open-air shopping center sector are especially attractive to his company.
“We’re excited to expand our partnership with DLC and leverage their operating experience to drive long-term value in Springfield Commons,” Corl said.
