DLC Acquires Two Walmart Supercenter-Anchored Shopping Centers in Columbus, Ohio Via Investing.com
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 Columbus (WA:), Ohio – Taylor Square and Tuttle Crossing – $76.25 million, with Prime Asset ManagementSM acting as a consultant. This transaction furthers DLC’s targeted expansion into the thriving Columbus MSA.
The Taylor Square and Tuttle Crossing portfolio is 621,792 square feet of GLA owned and approximately 99% occupied. With an impressive weighted lease term (WALT), exceptional performance from national tenants and tenants, and rents below market rates, this portfolio stands out as proof of solid and solid investment fundamentals. Positioned for growth, it offers a unique opportunity to capitalize on long-term stability and potential change in one of the country’s leading retail markets.
Taylor Square (395,074 SF) highlights:
-
It is tied for the number one Walmart Supercenter in the Columbus MSA, along with Marshall and Dollar Tree (NASDAQ:
-
The main commercial center for the surrounding communities at the intersection of Interstate 70 and State Route 256, 12 miles east of downtown Columbus, and the last major shopping corridor on I-70 East for 42 miles.
Tuttle Crossing (226, 718 SF) highlights:
-
Stocked by Walmart Supercenter, and nationwide Ross Dress for Less retailers, Best Buy (NYSE:), Macy’s (NYSE:) Furniture Gallery, Galaxy Golf, and Ashley.
-
Currently 97.8% occupied with concentrated opportunities to add value through re-leasing and redevelopment potential.
DLC already owns more than 562,000 open shopping spaces in the region, including Northern Lights and Powell Center, which boast high occupancy rates of 89% and 96% respectively.
“The acquisition of Taylor and Tuttle marks another milestone for DLC in the Columbus MSA,” said Adam Ifshin, DLC Founder and CEO. “We have been in this market for more than 20 years, with two other centers nearby, a third that we sold in the last year at increased prices, and we are developing in Northern Lights adding storage space. Proximity to Ohio State University, strong business relationships, housing growth, and other great incentives economics keep us hunting for the next one.”
It marks DLC’s second collaboration with Capital Asset Management in 2024 and the eighth in partnership with Temerity Strategic Partners. This year alone DLC has received over $400MM in new properties.
###
About the DLC
DLC is a prominent owner and operator of open shopping centers throughout the United States, with a proven track record of delivering value through innovative asset management and strategic acquisitions. For more information, visit www.dlcmgmt.com.
About Asset ManagementSM
With expertise in public and private markets across all asset classes, Core Asset Management and your investment professionals look at asset management through a unique lens, creating solutions to help deliver the client’s investment objectives. Using local insights with global perspectives, Capital 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), which manages $585.6 billion1 and recognized as “Best Places to Work in Financial Management”2 13 years in a row.
Learn more at www.PrincipalAM.com.
[1] From 30 September 2024 [2] Pensions & Investments, “Best Places to Work in Money Management”, among companies with 1,000 or more employees, December 2024.SOURCE: DLC
View the original press release at accesswire.com
