X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

SEEKONK, MA-In its first foray into the Massachusetts market, Tarrytown, NY-based DLC Management Corp. has acquired the 101,782-sf Namco Plaza here in a deal that gives the shopping plaza owner its sixth retail asset in New England.

“Massachusetts is a very tough nut to crack,” Adam Ifshin, president of DLC, tells GlobeSt.com, noting that the state’s high real estate values combined with a lack of product on the market, has made the Bay State one of the tightest markets in the country.

Ifshin says the firm acquired the property from a private seller for about $80 per sf, about 50% below its estimated replacement cost, and plans to invest about $800,000 to upgrade the asset and re-tenant the Route 6 shopping plaza. The center is currently almost 80% occupied by a strong mix of national, regional and local tenants including Outback Steakhouse, Sherwin Williams, Dollar Tree and Tuesday Morning.

The shopping center was a good pick for DLC Management, Ifshin says, because it met the firm’s criteria of acquiring good assets in dense retail markets.

“It’s more about rooftops than affluence,” he notes, adding that the area has 57,227 households within a five-mile radius, with an average household income of $47,756 and a traffic count of over 20,600 vehicles per day. “We like older suburbs that are fundamentally supply constrained and tend to have a lot of people in them and we think this fits that bill perfectly,” he adds.

The acquisition of Namco Plaza, expands DLC Management’s New England footprint to six shopping centers, for a total of more than 900,000 sf. The firm currently owns four properties in Connecticut and one in Rhode Island and has holdings totaling 11 million sf in 18 other states. This year alone, the firm has acquired eight shopping centers, totaling more than two million sf, with 12 additional shopping centers under contract in separate transactions scheduled to close by Oct. 31.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.