POUGHKEEPSIE, NY—DLC Management Corp. of Tarrytown, NY has acquired The Shoppes at South Hills retail center on Route 9 here for $48.3 million.
The purchase of the property was announced by brokerage firm HFF, which represented the seller in the transaction for the 516,769-square-foot grocery anchored power center in south Poughkeepsie. HFF says that DLC acquired the property fee and clear of existing debt.
The Shoppes at South Hills sits on approximately 72.6 acres at 1895 South Road (Route 9). The site is the former South Hills Mall, which was partially demolished and redeveloped between 2007 and 2008 into a power center that is 86% leased to Shop Rite, Christmas Tree Shops, Ashley Furniture Home Store, Hobby Lobby, Burlington Coat Factory, Kmart, Bob's Discount Furniture, Chuck E. Cheese's and Weight Watchers.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O'Hearn, senior real estate analyst Marc Duval and supported by senior managing director Andrew Scandalios.
HFF's Cruz says of the deal, “With this transaction, DLC has acquired one of the leading power centers in the Hudson Valley.”
The purchase of the South Hills Mall follows up its record-breaking acquisition in December of 11 retail assets in New York, North Carolina, Arkansas and Tennessee totaling 2.58 million square feet, of which the company reports that 1.73 million square feet is owned property.
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