DLC, DRA Advisors Pay $100M for Retail Portfolio

November 20, 2023

ShopCore Properties sold open-air centers located in four far-flung states.

The national and regional retailers at Cornerstar make up more than 90 percent of the roster. Image courtesy of CommercialEdge.

National and regional retailers make up more than 90 percent of Cornerstar’s roster. Image courtesy of CommercialEdge

DLC Management Corp., in conjunction with funds managed by DRA Advisors, have purchased a four-property shopping center portfolio totaling 764,817 square feet for $100 million. ShopCore Properties sold the open-air assets located in Colorado, New Jersey, Arizona and Ohio, according to CommercialEdge data.

A few months ago, ShopCore also sold a 261,730-square-foot retail center in Fort Worth, Texas. The property was nearly 92 percent leased at the time of closing.

An attractive retail portfolio

Located at 15400 E. Briarwood Circle in Aurora, Colo., Cornerstar encompasses 380,479 square feet. The shopping center is anchored by Target, Marshalls, HomeGoods, 24 Hour Fitness, Nike and Ulta. ShopCore acquired the asset back in 2014 for $124 million, the same source shows. DLC executed a lease with a grocery tenant immediately after the acquisition.

Completed in 2000 at 55 Meadow Park Ave. near Columbus, Ohio, Powell Center was purchased by ShopCore in 2014 for $28.5 million. The tenant roster at the 201,970-square-foot shopping center includes Marshalls, HomeGoods, Michaels and Staples. The property was 53 percent occupied at the time of sale, but DLC will start an immediate redevelopment plan which will also feature the addition of national tenants.

Totaling 147,694 square feet, Cross Keys Place occupies a 15.5-acre site at 141 Tuckahoe Road in Sewell, N.J. Completed in 2008, the property is anchored by Michaels, Old Navy, Petco and the most-visited Edge Fitness in the state. ShopCore had bought the asset in 2016 for $28.5 million. The center serves around 145,988 individuals within 5 miles, in an area where the average household income is $96,555.

The 34,674-square-foot Shops at Prescott Gateway has a diverse mix of national tenants including Trader Joe’s, AT&T, SAS Shoes and Great Clips. Located at 250 N. Lee Blvd. in Prescott, Ariz., the property serves approximately 10,618 individuals within a 3-mile radius, with the average household income of $88,000.