ELMSFORD, NY / ACCESSWIRE / June 14, 2024 / DLC, one of the nation's largest private owners and operators of open-air shopping centers, has completed the recapitalization and refinancing of two prime retail properties in Northwest Arkansas, Spring Creek and Steele Crossing. This transaction, in partnership with an affiliate of Cohen & Steers Capital Management, Inc. ("Cohen & Steers"), underscores DLC's commitment to driving exceptional returns and value creation for investors. The purchase price was $54.75MM with a $37MM loan from Arvest Bank.
DLC has owned and managed this portfolio since 2014 for just under 10 years and knows well the high growth potential of the Fayetteville market.
Key Highlights of the Deal:
Adam Ifshin, DLC's CEO and Founder, said, "Our track record of exceptional returns is a testament to our robust value creation platform and in-house expertise. We have a proven ability to deploy capital at scale, making our investments attractive to institutions. At DLC, we secure opportunities that others can't find, and this recapitalization and refinancing is a prime example of our strategy in action."
These open-air centers are less than one mile apart and are in Fayetteville's primary retail corridor near the corporate headquarters of Walmart, J.B. Hunt, and Tyson Foods, as well as the University of Arkansas (32,000+ students).
Portfolio Details:
Spring Creek
Steele Crossing
Ifshin added, "These recapitalization and refinancing efforts highlight DLC's strategic financial acumen and our ability to capitalize on high-potential markets. With a solid foundation and forward-looking vision, we continue to secure and enhance value for all of our stakeholders."
"Northwest Arkansas has displayed strong growth in recent years and is home to three Fortune 500 Companies and the University of Arkansas," said James S. Corl, Head of the Private Real Estate Group at Cohen & Steers. "Similar to many Sunbelt cities, Fayetteville is benefiting from national migration trends as people move to more affordable and economically attractive residential areas across the country. We believe the shopping centers are well-positioned in a dominant location to benefit from these tailwinds and we are excited to partner with DLC."
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Contact Information
Michael St. John
Vice President, Marketing
mstjohn@dlcmgmt.com
914.406.7622
Katrina Mullaney
Content Marketing Manager
kmullaney@dlcmgmt.com
914.304.5699
SOURCE: DLC
View the original press release on newswire.com.
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