Over the past 12 months, DLC and its investment partners have acquired seven open-air centers that, in total, comprise 1.5 million sq. ft. of retail space. Founder and CEO Adam Ifshin’s goal is to double the size of his center portfolio with capitalization, not new construction, and his new space is going fast.
“There are a lot of people who are trying to tie up space right here, right now, because they’re afraid it’s not going to be here tomorrow,” Ifshin told Chain Store Age on the floor of the ICSC New York Show during the second week of December. “We’ve had some bidding wars for 25,000-to-30,000-sq. ft. spaces.”
The space grab is, indeed, fearsome. Ifshin reported that DLC had signed two anchor tenants to leases that had been out for less than 30 days.
“In the last four weeks, we probably signed 200,000 sq. ft. of leases,” he said. “Increasingly, potential tenants are coming in and asking, ‘When’s this guy’s lease over, when’s that lease over?’ The smart tenants are thinking ahead, because, for now, there’s no way out of this situation.”
Read the full story in Chain Store Age
