A New York commercial real estate group bought two Fayetteville shopping centers for $43.9 million early this month.
A New York commercial real estate group bought two Fayetteville shopping centers for $43.9 million early this month.
The acquisitions were part of an 11-property purchase made by DLC Management Group of Tarrytown. DLC paid $33.5 million for Spring Creek Centre at 464 E. Joyce Blvd. and $10.4 million for Steele Crossing on Shiloh Drive.
Spring Creek, anchored by Best Buy and Bed Bath & Beyond, is slightly more than 588,000 SF. Steele Crossing, anchored by Kohl’s, has more than 260,000 SF.
Wells Fargo Bank loaned DLC $142.6 million for the entire portfolio of 11 properties covering more than 2.5 million SF in Arkansas, New York, North Carolina and Tennessee. DLC said it has a total portfolio of 115 shopping centers and more than 19 million SF in 29 states.
DLC bought Spring Creek through its Spring Creek Improvements LLC and bought Steele Crossing through Steele Crossing Improvements LLC. DLC, co-founded by Adam Ifshin, said in a news release that the acquisitions “represent large, high-quality assets with strong anchor tenants and an opportunity to create value throughout the portfolio, creating quality, stabilized properties.”
“This innovative off-market transaction would not have been possible without the extraordinary effort and execution by the entire team at DLC,” Ifshin said in a statement. “With significant value added potential in select key assets in the portfolio, we look forward to bringing additional best in class value-oriented tenants to this exciting portfolio.”
DLC bought the properties from The Blackstone Group of New York City. Blackstone purchased the two malls for a little more than $44 million in June 2012 through its BRE DDR Spring Creek LLC and BRE DDR Steele Crossing LLC.
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