DLC Acquires $429M Retail Portfolio Across Five States with DRA Advisors
Acquisition marks DLC’s first retail footprint in Phoenix and Oklahoma
Excerpts from DLC Press Release: ELMSFORD, NY, December 10, 2025 — DLC, one of the nation’s leading private owners, operators, and third-party managers of open-air shopping centers, in partnership with a fund managed by DRA Advisors, has acquired an off-market, multistate shopping center portfolio totaling approximately 2.12 million square feet for $429 million. The joint venture is an eight-asset portfolio, marks DLC’s first retail acquisitions in Phoenix and Oklahoma, and expands DLC’s presence in Texas and Florida. This follows the October purchase by DLC and DRA of a $625 million, 10-property West Coast retail portfolio. With this transaction, DLC and DRA have now completed more than $1.7 billion of acquisitions together.
Adam Ifshin, Founder and CEO of DLC, said “this acquisition is in high-demand sunbelt and southwest markets and further displays DLC’s commitment to expanding in these regions.”
“We continue to see outstanding fundamentals in retail and strong tenant demand that is driving durable cash flows across the sector,” said Brett Gottlieb, Senior Managing Director of DRA Advisors. “This portfolio aligns perfectly with our strategy and demonstrates our ongoing appetite for high quality retail. Our partnership with DLC has expanded meaningfully over the past several years and this acquisition is an exciting continuation of that momentum. We look forward to creating value together across these assets.”
Anchored by long-term national tenants including Nordstrom Rack, REI, TJ Maxx, Ross, Dick’s Sporting Goods, HomeGoods, Marshalls, Total Wine, Ulta Beauty, and others, the portfolio is 91.3 percent leased with 184,000 square feet of vacant space. The acquisition immediately expands DLC’s national footprint across Texas, North Carolina, Florida, Arizona, and Oklahoma. DLC aims to capitalize on strong renewal momentum, a high tenant retention rate, and steady in-place cash flow growth.
Newmark’s debt capital markets team, led by Adam Spies, Conor Lalor, Jordy Roeschlaub, and John Caraviello, arranged the acquisition financing.
Since 2023, DLC has acquired 1.6 billion dollars of new assets and expanded to the West Coast, adding 22 assets to its retail portfolio and bringing its holdings to more than seven million square feet. This transaction represents the ninth that DLC has closed with Temerity Strategic Partners, which has committed growth capital to help DLC expand its assets by two billion dollars by 2026.
About DLC
DLC is one of the country’s leading owners and operators of open-air shopping centers, with more than $3 billion and 21 million square feet in assets under management across 80+ properties. Headquartered in Elmsford, NY, DLC leverages an owner-operator model and a fully integrated platform — including construction and design through Renovo Construction and NWS Architects — to deliver superior performance and value. Guided by a people-first culture and a focus on speed, precision, and partnership, DLC continues to redefine what’s possible in open-air retail.