ELMSFORD, N.Y., October 30, 2024 (Newswire.com)
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DLC, one of the nation’s preeminent owners and operators of open-air shopping centers, has acquired Springfield Commons in partnership with funds managed by the Private Real Estate Group of Cohen & Steers. The 119,085-square-foot shopping center is located in Springfield, Virginia, and it is DLC’s sixth property currently under ownership in the Washington, D.C., MSA. DLC’s acquisition activity in the last 12 months is a standout with the addition of over $400 million in new properties. This is DLC’s second transaction with Cohen & Steers in 2024. DLC deployed growth capital committed by Temerity Strategic Partners (TSP); this is DLC’s seventh acquisition with TSP.
Springfield Commons Highlights
- Shadow-anchored by the No. 1 most-visited Home Depot in Virginia.
- Key tenants include PureGym, Old Navy, Pure Hockey, and Staples.
- Located in Fairfax County, one of the most sought-after locations in the United States, just 15 miles outside of Washington, D.C.
- Conveniently located across the street from the Springfield-Franconia Metro Station and TSA Headquarters.
- Thirteen hundred feet of frontage along Frontier Drive in the affluent and supply-constrained Springfield community.
- Nearly 50,000 VPD on Franconia-Springfield Parkway, and within minutes of the I-95/I-495 interchange.
- Immediate lease-up and soon-to-be-announced deals with national retailers will have the property 98 percent leased from 78 percent currently.
The immediate area is comprised of mature single-family communities, new multifamily projects, medical and office buildings, and synergistic retail and entertainment offerings.
“DLC continues to strategically expand our footprint in key markets, and the acquisition of Springfield Commons underscores our commitment to investing in high-quality, well-located assets,” said Adam Ifshin, DLC founder and CEO. “This property, with its strong tenant mix and prime location in Fairfax County, represents an exciting opportunity to bring additional value to the community. Partnering once again with Cohen & Steers, we are confident in the long-term potential of this asset, and we look forward to maximizing its performance as we further solidify our presence in the Washington, D.C., MSA.”
James S. Corl, Head of the Private Real Estate Group at Cohen & Steers, said,
“We believe that valuations in the open-air shopping center sector are attractive and the market is revealing compelling investment opportunities. We’re excited to expand our partnership with DLC and leverage their operating experience to drive long-term value in Springfield Commons.”
About DLC
DLC is one of the nation’s preeminent private retail real estate companies, with expertise in acquisitions, development, leasing, management, and architecture. Headquartered in Metro New York, DLC has regional operations in Atlanta, Buffalo, Chicago, Dallas, and Washington, D.C. For additional information about DLC and its portfolio, please visit www.dlcmgmt.com.
About Cohen & Steers
Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, and commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
Source: DLC