DLC Buys Portion of Newington Fair Center

The properties that changed hands total approximately 145,000 sf and consist of a recently opened Stew Leonard's grocery store and a Toys "R" Us location on Berlin Turnpike and Rowley Street. The seller was Newington-Berlin Retail LLC, a joint venture of American National Life Insurance Co. of Galveston, TX and Houston-based Realm Realty. Not involved in the sale is a Sam's Club that is currently under construction, an LA Fitness location that will be housed in a former Stickley Furniture building and a yet to be developed pad site. All three are owned by the Newington-Berlin Retail venture.

Jeff Kravet, VP of GVA Williams of Stamford, was the sole broker in the transaction. Kravet says of the deal, "Berlin Turnpike is one of the few regional retail markets in the state of Connecticut. The corridor is filled with numerous national retailers." He adds that although there were a number of changes in the credit markets during contract negotiations, "I was impressed by the sophistication of both the buyer and the seller to complete the transaction."

DLC's Morris says the firm's portfolio now includes six shopping centers and one office building in Connecticut. In 2007, DLC acquired 30 shopping centers for approximately $380 million. The company now boasts a total portfolio of 95 shopping centers, primarily in the Northeast, Southeast, Midwest and Mid-Atlantic, totaling approximately 17 million sf. He says DLC's acquisition target for 2008 will be to increase 2007's capital expenditures of nearly $400 million by 25% to 50%, market conditions permitting.