HIGHLAND, IN-DLC Management Corp. has purchased Ultra Plaza and Highland Plaza Two, two adjacent centers totaling about 166,600 sf, for $12 million. The center part of a three-center complex that includes Highland Plaza, a 107,021-sf center that DLC acquired recently. The property was bought with a 7.8% cap rate on actual NOI.

Ultra Plaza is 139,795 sf, and Highland Plaza II is 26,932 sf. The complex, anchored by an Ultra Foods, is now known as Ultra Highland Plaza. Other tenants include Big Lots, AJ Wright, Dollar General and Aldi. There are four spaces available, as well as one 5,000-sf pad site.

Dan Taub, SVP with DLC, tells GlobeSt.com that the plan had been to acquire the entire complex, but roadblocks had been in the way. “All three properties had been owned by different entities,” Taub says. “When Highland One was brought to market, we tried to reach out to the rest of the owners, that had been our long-term goal. We were unsuccessful, but we still liked Highland One to buy it. Then we heard recently that Ultra Plaza was being marketed by CB Richard Ellis in Chicago, and we knew another broker who had Highland Two, and it just worked out this time.”

He says DLC owns Crossroads Shopping Center about four miles down Route 41. “We bought about two-three years ago, and became familiar with the market. We liked Ultra’s success, it does well above the national average in terms of sales per sf. Plus, we know that Cabela’s is coming a mile away, and that store’s impact on a market is always favorable,” Taub says. The average lease rate in Ultra Highland Plaza is about $11-$12 per sf, he says.

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