DLC, an owner of open-air retail, has acquired the Colony Place shopping center in Plymouth, MA, for $86 million, in an off-market transaction. The acquisition marks DLC's entrance into the Boston MSA.
This transaction is DLC's first with Principal Asset Management acting as adviser. The acquisition also marks DLC's second deal with Temerity Strategic Partners . In December 2023, TSP and DLC launched a venture to support DLC with growth capital enabling DLC to double the size of its portfolio by 2025.
"Located midway between Boston and Cape Cod, the center is a trophy asset in the Boston market with no direct comparable shopping centers," said Adam Ifshin, founder and chief executive officer of DLC. More than 50 stores and restaurants makes the center – which consists of two phases – a major regional draw as the dominant shopping destination in the Plymouth-Kingston trade area. Colony Place is currently 94 percent leased.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
