December 18, 2024 – Elmsford, NY – DLC, one of the nation’s leading owners and operators of open-air shopping centers, has announced the acquisition of two premier Walmart Supercenter-anchored shopping centers in Columbus, Ohio – Taylor Square and Tuttle Crossing – for $76.25 million, with Principal Asset ManagementSM acting as advisor. This transaction continues DLC’s targeted expansion in the booming Columbus MSA.
The Taylor Square and Tuttle Crossing portfolio comprises 621,792 square feet of owned GLA and is approximately 99% occupied. With an impressive weighted average lease term (WALT), exceptional performance from national and anchor tenants, and rents significantly below market levels, this portfolio stands out as a testament to robust and resilient investment fundamentals. Positioned for growth, it offers a unique opportunity to capitalize on long-term stability and potential upside in one of the nation’s most dynamic retail markets.
Taylor Square Highlights (395,074 SF):
· Anchored by the number one performing Walmart Supercenter in the Columbus MSA, along with Marshalls and Dollar Tree.
· Primary retail hub for surrounding communities at the intersection of Interstate 70 and State Route 256, 12 miles east of downtown Columbus, and the last major retail corridor on I-70 East for 42 miles.
Tuttle Crossing Highlights (226, 718 SF):
· Anchored by a Walmart Supercenter, and national retailers Ross Dress for Less, Best Buy, Macy’s Furniture Gallery, Golf Galaxy, and Ashley.
· Currently 97.8% occupied, with embedded value-add opportunities through lease recapture and redevelopment potential.
DLC already owns over 562,000 square feet of open-air shopping centers in the region, including Northern Lights and Powell Center, which boast high occupancy rates of 89% and 96%, respectively.
“The acquisition of Taylor and Tuttle marks another milestone for DLC in the Columbus MSA,” said Adam Ifshin, DLC Founder and CEO. “We’ve owned in this market for more than 20 years, with two other centers in close proximity, a third that we sold in the last year at accretive pricing, and we are in development at Northern Lights adding self-storage. The proximity of The Ohio State University, a strong corporate nexus, housing growth, and other major economic drivers keep us on the hunt for what is next.”
It marks DLC’s second collaboration with Principal Asset Management in 2024 and the eighth in partnership with Temerity Strategic Partners. This year alone DLC has acquired over $400MM in new properties.
About DLC
DLC is a preeminent owner and operator of open-air shopping centers across the United States, with a proven track record of delivering value through innovative asset management strategies and strategic acquisitions. For more information, visit www.dlcmgmt.com.
About Principal Asset ManagementSM
With public and private market capabilities across all asset classes, Principal Asset Management and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.1 Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $585.6 billion in assets1 and recognized as a “Best Places to Work in Money Management”2 for 13 consecutive years.
Learn more at www.PrincipalAM.com.
[1] As of September 30, 2024
[2] Pensions & Investments, “The Best Places to Work in Money Management,” among companies with 1,000 or more employees, December 2024.
