The Mid Valley Mall totals 253,679 sf and is anchored by a 73,504-sf Price Chopper supermarket, a 6,800-sf Bridgestone/Firestone automotive repair location, a 2,300-sf Wachovia Bank branch and a Kentucky Fried Chicken restaurant which occupies approximately 2,250 SF. The center, which was 74% occupied at the time of sale, was built in stages between the late 1950s and 2001, with $1.3 million in property improvements made in 2002.

CBRE's Jeffrey R. Dunne, vice chairman and head of the firm's New York Tri-State Investment Team, represented the Praedium Group in the transaction and also procured the buyer. Stephen Ifshin, chairman of DLC Management, says his firm prior to the sale had a small ownership interest in the property and was prompted to acquire the property based on its "upside potential."

Specifically, DLC is in negotiations with a prospective tenant to lease approximately 25,000 sf at the old Price Chopper building. Price Chopper relocated inside the Mid Valley Mall property to its new 73,504-sf location in the spring of 2003. Currently, there is about 40,000 sf of space available at the old Price Chopper building, which totals approximately 63,000 sf. The Mid Valley Mall, located near the Newburgh Beacon Bridge and Interstate 84, is a single-story complex comprised of six separate buildings, including two retail strip buildings and four freestanding out-parcels.

DLC plans to build a new 16,000-sf retail building on the property by year's end. The project, which has already received local municipal approvals, is expected to cost approximately $1.5 million to complete. "Mid Valley Mall is a well-positioned property whose success is based on its highly visible location adjacent to Interstate 84, its complementary mix of retailers, and the draw of the recently completed Price Chopper, whose sales in 2003 totaled nearly $600 per sf," says Dunne.

DLC's Ifshin also reports that his firm recently acquired the 128,460-sf Torrington Commons shopping center in Torrington, CT. While he would not divulge the purchase price, sources say the transaction was in the $10-million to $15-million range. DLC acquired the property from a group of private investors.

The complex in Litchfield County is anchored by a Super Stop & Shop, which totals approximately 66,000 sf, and a 27,000-sf JCPenney location. At present, there is approximately 8,000 sf of space available at the complex.

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GlobeSt.com EXCLUSIVE: DLC Management Acquires Mid Valley Mall for $28M

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