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TARRYTOWN, NY- Adam Ifshin is thinking big. The president of DLC Management Corp. tells GSR he is targeting $600 million in asset acquisitions in 2007, nearly doubling the company’s 2006 $350 million spending spree which bought the firm 19 shopping centers and more than 4 million sf.

“Expanding the number of our properties is the focal point to our growth strategy,” says Ifshin, who has already signed on to spend $120 million for five shopping centers that will close by the second quarter of this year. The firm’s construction team also is planning to redevelop at least three projects totaling 1 million sf this year and has secured more than $100 million to build at least three other ground-up retail centers and standalone stores.

DLC’s basic strategy is simple. The 15-year-old Tarrytown, NY firm focuses on strategically located, value-added, grocery-anchored neighborhood and community shopping centers that generate strong repeat consumer traffic and good returns, Ifshin says.

“The issue isn’t how big you are in my mind, but in how many returns you generate from the assets you acquire,” he explains.

That strategy has made DLC one of the most active, privately-owned, open-air shopping center buyers in the country with a 23-state portfolio of 69 shopping centers, totaling more than 14 million sf.

But while the firm’s basic strategy may be simple, its approach is not. Ifshin says when it comes to acquisitions, DLC takes an individualized view of each property “For us, there’s no check-the-box mentality,” he says. “We look at every deal with a unique game plan. This is a very entrepreneurial place, so you don’t see us do these cookie cutter deals all over the place.”

Because of that mindset, DLC holds about 10 shopping centers in college towns in its portfolio. Ifshin says the philosophy behind those “out-of-the-box” acquisitions was a result of the realization that there’s a lot more disposable income in those markets than the census data tracks, which allows shopping centers in those markets to perform better than expected. That individualized approach has also prompted the company, with holdings primarily in the Tarrytown, Chicago, Atlanta and Baltimore areas, to move into other areas of the country, including Las Vegas and the Midwest.

Although Ifshin says its likely DLC will continue to do more work outside its focused regions, much of its growth in the next year will continue along the East Coast.

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