DLC Buys Drug Emporium Plaza for $4.5M

PHILADELPHIA-Tarrytown, NY-based DLC Management Corp. pays $4.5 million, or $63.83 per sf, for Drug Emporium Plaza, a 70,500-sf community shopping center in the Port Richmond section of the city. This is DLC’s first Philadelphiaacquisition and its second in Pennsylvania.

The other is 468,675-sf Levittown Town Center in Levittown, PA.

Drug Emporium Plaza was built in 1986. Sav-A-Lot Supermarket co-anchors the center with Drug Emporium. Other tenants are Avon Health Center and Gallo, a regional apparel retailer. The center is 100% leased.

Citing a confidentiality agreement, Daniel Taub, DLC’s senior vice president, declined to disclose the seller’s identity to GlobeSt.com.

“We are fulfilling our strategic game plan by increasing our presence in the Mid-Atlantic and building critical mass around our major development project in Levittown, PA, 10 miles north of the city,” Taub says in a statement. “We intend do acquire additional centers in the Mid-Atlantic in dense infill areas and have one under contract now.”

“In the East, we focus on older suburbs with high barriers to entry,” adds Michael Cohen, executive vice president of leasing. “The Port Richmond/Aramingo market has been improving over the last few years and we expect to be able to continue to upgrade the tenancy at this location.”

Also regarding its intentions for the property, Stephen Ifshin, DLC’s chairman, adds, “We plan to hold the asset long-term as we have with our other strong grocery-anchored properties.”

Helen Putterman and Phyllis Bosworth, investment sales brokers at locally-based Cohen and Co,, represented DLC in the transaction. Simon Ziff and Russ Schildkraut of New York-based Ackman-Ziff Real Estate Group secured a non-recourse fixed rate mortgage at undisclosed terms for DLC.