Guy Morris, SVP of acquisitions and development for DLC Management, says that the deal took about eight months to complete and involved several debt structure changes due to the volatility in the finance markets. A lion's share of the portfolio is located in the Southeast, an area DLC has been concentrating on for some time, he adds. In the aggregate, the portfolio is approximately 85% leased.
[IMGCAP(2)]"We've been expanding our entire operation and our entire holdings in the Southeast for the past five years," Morris says. This is the second major deal between DLC Management and Edens & Avant within the past 13 months. In November 2006, DLC acquired a nine shopping center portfolio in the Southeast from E&A. Prior to its latest deal with E&A, DLC owned approximately two million sf of retail space in the Southeast. Now at the close of 2007, its portfolio totals more than three million sf.
In its latest deal with E&A, the largest property in the portfolio is the 211,178-sf Crossroads South center in Jonesboro, GA, which is anchored by Kroger and K-Mart. The deal compliments DLC's 235,219-sf Tara Crossing shopping center also located in Jonesboro.
Other properties in the portfolio include: the 94,712-sf Gulfdale Plaza in Mobile, AL; the 79,240-sf Shields Plaza in Huntsville, AL; the 74,692-sf Marketplace at Ocala in Ocala, FL; the Marketplace at Palm Bay, a 149,752-sf center in Palm Bay, FL; and the 179,905-sf Fulton Crossing shopping center, which is also anchored by Kroger and K-Mart, in Corinth, MS.
In the Carolinas, DLC has picked up the 72,219-sf South Square Marketplace in Charlotte, NC; the Swift Creek Plaza, a 56,890-sf community shopping center in Garner, NC; the nearly 58,000-sf Armstrong Plaza in Fountain Inn, SC; the 48,650-sf Broad River Centre in Columbia, SC and Butler Square, an 85,315-sf community shopping center in Maudlin, SC.
The deal also featured five properties in Virginia: Cypress Point, an 117,958-sf shopping center in Virginia Beach; the nearly 80,000-sf Ridgewood Farm center in Salem; the 87,434-sf Southwest Plaza in Roanoke; the 77,576-sf the Village Courts in Lynchburg and the 103,308-sf West Broad Commons in Richmond.
DLC officials say that the firm has added 31 properties in 2007 representing a growth rate of 27%, year to date. The company now boasts a portfolio of 94 open-air shopping centers totaling 16.5 million sf in 25 states.
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