DLC Management Corp., a national owner and operator of open-air shopping centers with headquarters in Tarrytown, has acquired The Shoppes at South Hills, a 518,000-square-foot grocery-anchored shopping center in the town of Poughkeepsie.
DLC declined to disclose the purchase price. The seller, Vornado Realty Trust in Manhattan, acquired the property in 2005 and substantially renovated it in 2009, the Poughkeepsie Journal reported.
The Poughkeepsie mall is anchored by ShopRite Supermarkets, Burlington Coat Factory, Christmas Tree Shops, Hobby Lobby and Kmart, a DLC spokesman said.
The Hudson Valley acquisition came soon after DLC management this month closed on the largest acquisition in its 23-year history. In an off-market transaction, the company acquired 11 shopping centers totaling 2.58 million square feet of space in New York, North Carolina, Arkansas and Tennessee. Six of the centers in the deal are in Cheektowaga and Batavia in Western New York.
The Tarrytown company owns six other shopping centers in Westchester, Rockland, Putnam, Orange and Dutchess counties. “With the acquisition of the dominant grocery-anchored power center in the trade area, DLC cements its leadership position in ownership of open air centers in Dutchess County,” Adam Ifshin, CEO of DLC Management Corp., said in a press release. “With significant future development potential, The Shoppes at South Hills represents our final acquisition in a year where we successfully acquired over $310,000,000 of real estate totaling in excess of 4,200,000 square feet.”
Jose Cruz and Marc Duvall of Holliday Fenoglio Fowler LP represented Vornado Realty in the transaction.
