October 12, 2016
DLC Management and DRA Advisors LLC closed on their buy of a 16-property shopping center portfolio totaling more than 4.8 million square feet. Seller DDR Corp. unloaded the mostly New York-based centers for $390 million. HFF’s Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and James Koury marketed the assets on behalf of the seller. The portfolio was 89.2% occupied upon closing.
The portfolio boosts DLC’s owned square footage to approximately 21.7 million square feet and increases its portfolio’s value by approximately 17% to $2.7 billion. The properties are dominant centers in key locations throughout New York State, with the exception of one property – Brook Highland Plaza – in Birmingham, AL.
The new owners plan to redevelop several of the centers. DLC will also open a new office in Buffalo, NY, to help facilitate management of the new properties.
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