ELMSFORD, NEW YORK / ACCESSWIRE / December 23, 2024 / DLC, one of the nation’s leading owners and operators of open-air shopping centers, announced the acquisition of two major Walmart (NYSE: ) Supercenter-anchored shopping centers in Columbus (WA:), Ohio – Taylor Square and Tuttle Crossing – for $76.25 million, with Principal Asset Management^SM acting as an advisor. This transaction continues DLC’s targeted expansion in the growing 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 well below market levels, this portfolio stands out as a testament to the firm and solid foundation of the investment. Positioned for growth, it offers a unique opportunity to take advantage of the 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 Walmart Supercenter manufacturer in the Columbus MSA, along with Marshalls and Dollar Tree (NASDAQ: ).

• 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 at 42 miles.

Tuttle Crossing Highlights (226, 718 SF):

• Anchored by a Walmart Supercenter, and national retailers Ross Dress for Less, Best Buy (NYSE: ), Macy’s (NYSE: ) Furniture Gallery, Golf Galaxy, and Ashley.

• Currently, 97.8% occupy opportunities to add value through re-leasing and development potential.

DLC already owns more than 562,000 square feet of open-air shopping centers in the region, including Northern Lights and Powell Center, with 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 have owned this market for more than 20 years, with two other centers nearby, the third one we sold last year at an accretive price, and we are in the development of the Northern Lights which increasing self-storage. Proximity to The Ohio State University, a strong corporate nexus, housing development, and other major economic drivers keep us looking for the next one.”

This 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 taken in over $400MM in new properties.

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About the DLC
DLC is a leading owner and operator of open-air shopping centers across the United States, with a proven track record of delivering value through innovative management strategies. of assets and strategic acquisitions. For more information, visit www.dlcmgmt.com.

About Principal Asset Management^SM
With public and private market capabilities across all asset classes, Principal Asset Management and its investment specialists view asset management through a different lens, creating solutions to help the delivery of the client’s investment objectives. By leveraging local insights with global perspectives, Principal Asset Management identifies distinctive 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:) ^® (Nasdaq:PFG), manages $585.6 billion in assets¹ and recognized as “Best Place 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.

SOURCE: DLC

See the original press release at accesswire.com