{"id":1004724775,"date":"2024-08-08T02:19:23","date_gmt":"2024-08-08T10:19:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004724775"},"modified":"2024-08-08T05:47:42","modified_gmt":"2024-08-08T13:47:42","slug":"dlc-meadow-partners-make-69m-investment","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dlc-meadow-partners-make-69m-investment\/","title":{"rendered":"DLC, Meadow Partners Make $69M Retail Investment"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Penn-Mar-Shopping-Center.png\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004724778\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/dlc-meadow-partners-make-69m-investment\/penn-mar-shopping-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Penn-Mar-Shopping-Center.png\" data-orig-size=\"1265,949\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Penn Mar Shopping Center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Penn-Mar-Shopping-Center.png?w=1024\" height=\"768\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Penn-Mar-Shopping-Center.png?w=1024\" alt=\"Penn Mar Shopping Center\" class=\"wp-image-1004724778\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Penn-Mar-Shopping-Center.png 1265w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Penn-Mar-Shopping-Center.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Penn-Mar-Shopping-Center.png?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Penn-Mar-Shopping-Center.png?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">Penn Mar Shopping Center has a diverse mix of tenants including Burlington, Ross Dress for Less, Dollar Tree, Petco and Foot Locker. <em>Image courtesy of Meadow Partners<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>DLC and Meadow Partners have acquired Penn Mar Shopping Center, a 378,205-square-foot, grocery-anchored shopping center located inside Washington, D.C.\u2019s Capital Beltway. The previous owner was MEPT, according to CommercialEdge information.<\/p>\n\n\n\n<p>The Forestville, Md., asset changed hands in a $68.5 million, off-market transaction. Apollo and Athene provided acquisition financing.<\/p>\n\n\n\n<p>DLC now owns more than $250 million of open-air retail in the southern portion of Prince George\u2019s County.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-anchored-by-a-grocery-store\">Anchored by a grocery store<\/h2>\n\n\n\n<p>Completed in 1960, Penn Mar was 91.5 percent leased at the time of sale. It is anchored by the highest-trafficked Shoppers Food Warehouse, which recently completed a 10-year renewal and a full store renovation. Other national anchor tenants include Burlington, Ross Dress for Less, Dollar Tree, Petco and Foot Locker.<\/p>\n\n\n\n<p>The property also features eight single-tenant pad sites, home to Starbucks, Truist Bank, Taco Bell, Raising Cane\u2019s, IHOP, Wendy\u2019s and Long John Silver&#8217;s.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/as-grocers-grow-faster-investor-interest-heats-up\/\">As Grocers Grow Faster, Investor Interest Heats Up<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Penn Mar is in Prince George\u2019s County, less than 10 miles from downtown Washington, D.C. The shopping center has an average household income of $95,430 and a population of more than 95,000 within a 3-mile radius.<\/p>\n\n\n\n<p>DLC has been an owner\/operator in Prince George\u2019s County for more than 20 years. The acquisition of Penn Mar complements an existing portfolio of three grocery-anchored and value-oriented retail assets totaling more than 658,000 square feet.<\/p>\n\n\n\n<p>The firm benefits from a growth capital commitment provided by Temerity Strategic Partners. In December 2023, TSP and DLC launched a venture aimed at enabling the latter to double its portfolio size by 2025. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-shoppers-drawn-to-all-in-one-setup\">Shoppers drawn to \u2018all-in-one\u2019 setup<\/h2>\n\n\n\n<p>Josh Schrier, executive vice president &amp; CIO at PREIT, told <em>Commercial Property Executive<\/em> that shoppers are now drawn to dynamic, multi-use properties where they can shop, dine, play and stay all in one place.<\/p>\n\n\n\n<p>\u201cIn a densely populated market with a great consumer base and thousands of new housing units developed recently, demand for space has been steadily increasing, suggesting a strong investment opportunity,\u201d Schrier said.<\/p>\n\n\n\n<p>On the other hand, <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-investors-are-adapting-to-disruption-heres-how\/\">open-air shopping centers<\/a> experience the highest purchasing demand, combined with the least availability from sellers. Despite financing conditions remaining tight, pricing hasn\u2019t softened, due to strong investor interest.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The highest-trafficked Shoppers Food Warehouse anchors this shopping center.<\/p>\n","protected":false},"author":3568,"featured_media":1004724778,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,21749,1615],"tags":[34835,32981],"class_list":["post-1004724775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-retail","category-washington-dc","tag-dlc-management-corporation","tag-meadow-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DLC, Meadow Partners Make $69M Retail Investment - 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He lives in Northern Virginia.","url":"https:\/\/www.commercialsearch.com\/news\/author\/richardberger\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Penn-Mar-Shopping-Center.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004724775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3568"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004724775"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004724775\/revisions"}],"predecessor-version":[{"id":1004724893,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004724775\/revisions\/1004724893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004724778"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004724775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004724775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004724775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}