ELMSFORD, NEW YORK / ACCESSWIRE / December 23, 2024 / DLC, one of the nation's leading owners and operators of open-air shopping centers, has announced the acquisition of two premier Walmart (NYSE: ) Supercenter-anchored shopping centers in. in Columbus (WA:), Ohio – Taylor Square and Tuttle Crossing – for $76.25 million, with Principal Asset ManagementSM acting as a consultant. This transaction continues DLC's targeted expansion into the growing Columbus MSA.
The Taylor Square and Tuttle Crossing portfolio consists of 621,792 square feet of owned GLA and is approximately 99% occupied. With an impressive weighted lease term (WALT), exceptional national and anchor tenant performance, and rents well below market levels, this portfolio stands out as evidence of strong and resilient investment fundamentals. Positioned for growth, it offers a unique opportunity to capitalize on the long-term stability and potential growth of one of the country's leading commercial markets.
Highlights of Taylor Square (395,074 SF):
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It is anchored by the maker of Walmart Supercenter in the Columbus MSA, as well as Marshalls and Dollar Tree (NASDAQ: ).
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The primary shopping center for the surrounding community is at the intersection of Interstate 70 and State Route 256, 12 miles east of downtown Columbus, and the last major commercial corridor on I-70 East for 42 miles.
Tuttle Crossing Overview (226, 718 SF):
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Featured by Walmart Supercenter, and national retailers Ross Dress for Less, Best Buy (NYSE:), Macy's (NYSE:) Furniture Gallery, Galaxy Golf, and Ashley.
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Currently 97.8% are interested in value-added opportunities through re-leasing and development potential.
DLC already owns more than 562,000 square feet of open shopping centers in the region, including the Northern Lights and the Powell Center, which boast high occupancy rates of 89% and 96%, respectively.
“The acquisition of Taylor & Tuttle marks another milestone for DLC in the Columbus MSA,” said Adam Ifshin, DLC Founder and CEO. “We have owned this market for more than 20 years, with two other centers nearby, a third that we sold last year at guaranteed prices, and is being developed in the Northern Lights adding storage space. of Ohio State University, a strong combination of business, housing growth, and other major drivers economists keep us hunting for the next thing.”
It marks DLC's second partnership with Capital Asset Management in 2024 and the eighth partnership with Temerity Strategic Partners. This year alone DLC has received over $400MM in new properties.
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About the DLC
DLC is a leading owner and operator of open shopping centers throughout the United States, with a proven track record of delivering value through innovative asset management strategies and strategic acquisitions. For more information, visit www.dlcmgmt.com.
About Capital Asset ManagementSM
With the power of the public and private market in all asset classes, Chief Asset Management and investment professionals look at asset management through a different lens, creating solutions to help deliver clients' investment goals. Using local perspectives with global perspectives, Advanced Asset Management identifies unique and compelling investment opportunities for more than 1,100 institutional clients in more than 80 markets.1 Principal Asset Management is the global investment solutions business of Principal Financial Group (NASDAQ: ® (Nasdaq:PFG), manages $585.6 billion in assets1 and recognized as “Top Practices in Financial Management”2 13 years in a row.
Learn more at www.PrincipalAM.com.
(1) From 30 September 2024
(2) Pensions and Investments, “Top Places to Work in Money Management”, among companies with 1,000 or more employees, December 2024.
SOURCE: The DLC
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