DLC Acquires $429M Premier Retail Portfolio Across Five States with DRA Advisors

Acquisition marks DLC 's first retail footprint in Phoenix and Oklahoma

ELMSFORD, NY / ACCESS Newswire / December 11, 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.

"Our team 's ongoing ability to source and complete the off-market acquisition of premiere retail assets in key U.S. markets demonstrates our data-driven insight, nurtured relationships, and speed of execution," said Adam Ifshin, Founder and CEO of DLC. "This acquisition is in high-demand sunbelt and southwest markets and further displays DLC 's commitment to expanding in these regions. We are excited to once again partner with DRA Advisors to maximize the potential of these assets."

"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.

"This acquisition further proves our culture 's strength and our industry-wide reputation for surfacing opportunities and driving NOI growth through targeted leasing," said Chris Ressa, COO of DLC. "These power centers sit in highly in-demand retail markets, have exceptional in-place tenant sales, and are overwhelmingly the dominant assets in their trade areas. They are exactly the type of assets where DLC has historically delivered outsized results. They give our team room to create value through focused leasing and disciplined execution that drives NOI today, not five years from now. Expanding into Phoenix and Oklahoma reinforces DLC 's model. The right culture, the right platform, and the right approach to retail leasing unlock growth in any market. As we close out 2025, leasing momentum for open-air shopping centers will certainly be a major topic at next week 's NYC ICSC."

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 thirteenth 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.

Portfolio highlights:

Central Texas Marketplace - Waco, Texas

• Positioned at the major corridor connecting Waco to Dallas and located just 10 minutes from Baylor University, Central Texas Marketplace serves as one of the primary shopping destinations in central Texas.

Portofino Shopping Center - Shenandoah (Houston), Texas

• Portofino Shopping Center is a high-visibility retail destination located along Interstate 45 in Shenandoah, in the Houston market, and features a variety of top national retailers including Nordstrom Rack, Old Navy, DSW, Michaels, PetSmart, Home Depot, TJ Maxx and Sam 's Club.

  

Watauga Pavilion - Watauga (Dallas), Texas

• Watauga Pavilion is a well-located regional power center in the Dallas-Fort Worth suburb of Watauga. The property offers strong visibility from US Route 377, Watauga 's primary thoroughfare, and is located among many dense residential neighborhoods, positioning it for accelerated leasing momentum.

Shops at Park Place - Plano, Texas

• Shops at Park Place is a high-traffic power center adjacent to a regional mall and the Dallas North Tollway, allowing for convenient regional connectivity to the entire Dallas-Fort Worth metro area. The center attracts consistent shopper traffic in one of the metro 's most robust retail nodes.

Pavilion at King 's Grant - Concord (Charlotte), N.C.

• Pavilion at King 's Grant is a regional shopping destination located in Concord, a fast-growing suburb northeast of Charlotte. Positioned directly across from a regional mall, the property sees high traffic in one of the area 's top retail locations.

International Speedway Square - Daytona Beach, Fla.

• International Speedway Square features a broad mix of top national retailers and restaurants, and is ideally located across from the iconic Daytona International Speedway, benefitting from steady local demand and frequent tourist visitation.

Peoria Square - Glendale (Phoenix), Ariz.

• Peoria Square is a high-traffic, interstate-accessible power center located in the rapidly expanding Glendale-Peoria corridor of the Phoenix metro. The property benefits from billion-dollar local investments in mixed-use, residential and retail development, including State Farm Stadium and the upcoming VAI Resort.

Belle Isle Station - Oklahoma City, Okla.

• Located at the convergence of two major highways in Oklahoma City, Belle Isle Station features a variety of national retailers and benefits from high traffic at the adjacent anchor retailer, Walmart, as well as its proximity to Penn Square Mall.

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. For more information about DLC, visit dlcmgmt.com.

About DRA Advisors

DRA Advisors LLC is a New York-based registered investment advisor with approximately 100 employees that specializes in real estate investment management services for institutional and private investors including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA 's inception in 1986, the firm has opened additional offices in Miami and San Francisco and has acquired approximately $42 billion of real estate. Its acquisitions include over 100 million square feet of industrial, 87,500 multifamily units, 90 million square feet of retail, and 66 million square feet of office. As of September 30, 2025, DRA had $11.6 billion in gross assets under management. http://draadvisors.com

Media Contact
Logan Thompson
lthompson@kimballpr.com
540-522-4202

SOURCE:DLC

View the original press release on ACCESS Newswire

© 2025 ACCESS Newswire. All Rights Reserved.