DLC Expands Virginia Portfolio with Acquisition of Dominant Grocery-Anchored Shopping Center
Acquired through DLC’s strategic investment partnership with Cohen & Steers, Royal Plaza strengthens the portfolio of high-performing, necessity-based retail assets.
ELMSFORD, N.Y. — August 17, 2026 — DLC, one of the country’s leading owners and operators of open-air shopping centers, today announced the acquisition of Royal Plaza, a 159,456-square-foot grocery-anchored shopping center located in Front Royal, Virginia.
The acquisition, completed through DLC’s strategic investment partnership with Cohen & Steers, expands the firm’s presence in Virginia and reinforces its continued investment in dominant, necessity-based retail destinations with strong, long-term fundamentals.
Royal Plaza is 92% occupied and anchored by the second-highest-performing Martin’s grocery store in the chain. Shadow-anchored by Rural King, whose Front Royal location ranks as the retailer’s top-performing store nationwide, the center serves as the dominant shopping destination for the surrounding region.
“The best shopping centers aren’t getting easier to buy; they’re getting harder to find,” said Adam Ifshin, Founder and CEO of DLC. “Royal Plaza is exactly the kind of asset we want to own: a dominant grocery-anchored center with exceptional retailers, proven performance and a strong position in its market. Our job now is to execute. With our integrated leasing, asset management and property management platform, we will continue building on an already outstanding foundation.”
Royal Plaza is home to a strong lineup of national and regional retailers, including Truist Bank, Bath & Body Works, Atlantic Union Bank, T-Mobile and Valley Health Urgent Care. Together with Martin’s and Rural King, these retailers deliver a complementary merchandising mix that serves the daily needs of residents throughout the Shenandoah Valley.
Royal Plaza benefits from exceptional visibility and accessibility via Interstate 81, Interstate 66 and Routes 522, 340 and 55. The property draws shoppers from a broad regional trade area extending approximately 30 miles and also benefits from its proximity to Shenandoah National Park, which welcomes approximately 1.7 million visitors annually.
The immediate trade area includes more than 28,000 residents with average household incomes approaching $100,000 and more than $1.08 billion in annual consumer spending, reinforcing Royal Plaza’s position as the region’s premier retail destination.
“Royal Plaza has the fundamentals we look for: a strong location, quality retailers, and a customer base that prioritizes the center,” said Chris Ressa, Chief Operating Officer, DLC. “The acquisition is only the starting point. Our focus is on execution and finding opportunities to make a good asset even better over time.”
DLC funded its investment in the portfolio via its ongoing joint venture relationship with Temerity Strategic Partners.
About DLC
DLC is one of the country’s leading owners and operators of open-air shopping centers, with more than $4 billion and 24 million square feet in assets under management across 90+ 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. For more information about DLC, visit dlcmgmt.com.
About Cohen & Steers
Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.