DLC Management Corp.   Tarrytown New York

About This Sponsor

DLC Management Corporation is one of the nation’s preeminent private retail real estate companies, with expertise in acquisitions, new developments, redevelopments, leasing, property management, and asset management. Founded in 1991, the company specializes in using its human capital and expertise to enhance the value of retail real estate. DLC maintains strong relationships across leading value and necessity based retailers, as well as with premier private equity groups and institutional investment management firms. DLC is headquartered in Tarrytown, NY and has full-service leasing and property management offices in Atlanta, Chicago, and the Washington, DC area.

  • Geographic Regions: Northeast, Mid-Atlantic, Southeast, Midwest
  • Risk Profiles: Value Add (8-12%), Opportunistic (12-20%), Development (25%+)
  • Property Types Retail / Shopping Center
  • Total Capitalization $2B
  • Gross Leasable Area 19,600,000 sqft

Company Overview

DLC Management Corporation is a privately held owner and operator of real estate specializing in adding value to underperforming retail assets. Founded in 1991 and based in Tarrytown, New York, the company operates on a nationwide footprint with 112 shopping centers across 29 states, totaling almost 20 million square feet. DLC delivers hands-on leasing, property management, asset management, and construction services through regional operating offices located in Atlanta, Chicago, and Washington, DC.

The company’s primary business is the acquisition, redevelopment, and value enhancement of large, open-air shopping centers that are not operating to their full potential. Value creation could include one or more of the following: below market rents, existing vacancy, expansion potential, pad site development options, or total redevelopments. All of DLC’s execution expertise is in-house, led by a team of experienced entrepreneurs with a track record of creating value by combining human capital expertise with market leading relationships.

DLC seeks to deliver win/win outcomes for all of its stakeholders including retailers, individual consumers, capital partners, and the communities in which the company operates. The company has long-standing relationships with leading value and necessity retailers including Walmart, TJ Maxx, Kroger, Bed Bath & Beyond, Ross Dress for Less, Publix, Dollar Tree, Target, PetSmart, Planet Fitness, among many others.

Similarly, DLC partners with select equity capital sources and leading lenders to acquire retail assets across a national spectrum of markets, demographics, and deal types. These partners leading equity funds such as American Realty Advisors, Artemis Real Estate Partners, and Fortress Investment Group and national lenders including Capital One, Citigroup, Santander, and Wells Fargo.

During 2013 and 2014, DLC acquired 19 shopping centers totaling more than 5.4 million square feet in nine transactions with an aggregate purchase price of approximately $425 million. Each of these acquisitions is projected to deliver a leveraged internal rate of return of between 17-22% on a 3-5 year hold, with leverage between 60-70%. Eleven of these assets were acquired in off market transactions through DLC’s extensive industry relationships and reputation.

Acquisition Criteria

DLC is an active acquirer of underperforming open-air shopping centers where the company can make a significant difference in occupancy, net cash flow, and valuation using its human capital and expertise. The company targets acquisition opportunities in primary markets and secondary markets across the United States, as well as in select college and university markets where there are strong demographic drivers.

DLC primarily seeks acquisitions providing value add, opportunistic, and redevelopment returns ranging from 13-17% for value add to 20% or more for redevelopments (on a leveraged basis). The company also has experience acquiring debt, notes and mortgages, and equity interests in bankruptcy as a means to the underlying real estate. Where appropriate, DLC uses its extensive environmental expertise, ranging from due diligence to wholesale remediations.

The initial focus of every acquisition opportunity is balanced between the upside potential and risk mitigation. The company also seeks to deliver a balanced focus between achieving IRR and equity multiple targets, typically underwriting a 3-5 year hold period. Whenever possible, DLC looks to capture returns through the generation of current cash flow rather than relying on exit cap rates.

DLC also utilizes its strong tenant relationships during due diligence to mitigate the risk of an acquisition, and during the hold period to execute on its value creation plans. Once value creation has been achieved, the company harvests returns through appropriately timed asset sales.


Number of Properties 112
Total Square Footage 19.6 Million SF
Total Capitalization $2 Billion
Average Portfolio Rent PSF $12
Major Tenants in Portfolio

Walmart, Target, The Home Depot, TJ Maxx, Marshalls, HomeGoods, Dick’s Sporting Goods, PetSmart, Petco, Dollar Tree, Hobby Lobby, Burlington Coat Factory, LA Fitness, Bed Bath & Beyond, Planet Fitness, Kroger, Price Chopper, Ross Dress for Less, Publix, Stop & Shop, Shoe Carnival, Food Lion, The Fresh Market, Verizon, Chipotle, CVS, Walgreens

Case Studies

Spring Valley Marketplace

DLC acquired Spring Valley Marketplace as part of a larger portfolio in 1999 in an off-market transaction. The center was built in 1989 but had lost consumer traffic to newer competing shopping centers. Recognizing that the center was under-managed and in need of significant capital expenditures, DLC saw an excellent opportunity to reposition the center based upon its prime location and visibility at a major exchange on the New York Thruway (I-87), with direct access to consumers in Rockland County.

Beach Shopping Center

DLC acquired Beach Shopping Center in May 2000 from the estate of the original developer with the intention of redeveloping the asset. The center was originally developed in 1958 but had not been materially renovated since. At the time of acquisition, the property was approximately 73% occupied, had significant deferred maintenance and featured an undersized, 33,500 square foot Grand Union grocery anchor that was no longer competitive with other shopping centers which offered newer amenities and significantly larger grocery stores.

Executive Team

Adam Ifshin
Co-Founder, President & Chief Executive Officer

Adam Ifshin is President and CEO of DLC Management Corp., which he co-founded in 1991.  Over the last 24 years, he has built DLC into one of the nation’s largest owners and operators of commercial real estate, and one of the most active acquirers of assets with value added potential.  Mr. Ifshin oversees DLC’s acquisitions and dispositions, capital markets activities, redevelopments, joint ventures, and corporate strategy, and is well versed in the complex world of foreclosures, bankruptcies, and restructurings.  As a principal, he has been involved in over $4.2 billion of real estate transactions.

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Mr. Ifshin is also the co-founder and President of Delphi Commercial Properties, Inc., a specialty real estate brokerage firm; co-founder and President of First Man Investment Securities Corp., the exclusive placement agent for all DLC real estate investments; and co-founder of DLC UrbanCore, a developer of real estate in under-served, infill, and multi-ethnic markets.  Prior to DLC, Mr. Ifshin was Vice President of Project Development for The Delphi Land Company, Inc., a developer of town home communities, and Project Manager for Empire State Land Company, a residential developer.

Mr. Ifshin received a BA, cum laude, from Williams College, with honors degrees in economics and history, and was elected to Phi Beta Kappa.  He is also a graduate of Harvard University’s Graduate School course Running a Real Estate Company.  Mr. Ifshin is a member of the Board of Trustees of the International Council of Shopping Centers (“ICSC”), member of the Executive Committee of the Board of Trustees of ICSC, and Chair of the ICSC Government Relations Advisory Committee. He is a full member of the Urban Land Institute (“ULI”) and the immediate past Chair of ULI’s Retail Council (Blue).  He has testified on behalf of the real estate industry in both the House of Representatives and the Senate on the issue of Carried Interest. In 2010 and in 2014, Mr. Ifshin was a finalist in the Entrepreneur of the Year Program run by Ernst & Young.  He is past Chairman of the Byram Hills Educational Foundation and is a member of the Board of Directors of Hudson Valley Holding Corporation and Hudson Valley Bank.

Stephen Ifshin
Co-Founder & Chairman

Steve Ifshin is Chairman of DLC, which he co-founded in 1991.  Mr. Ifshin oversees the operations-side of DLC’s business, including tenant leasing, property, asset, and construction management activities, and the firm’s regional offices in Atlanta, Chicago, and Baltimore.  Under his leadership, DLC continues to be a leasing-driven operator of commercial real estate, developing and maintaining strong relationships across national, regional and local tenants.

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Mr. Ifshin entered the real estate industry in 1965 in commercial sales with Wolf & Macklowe.  From 1973-1989, he was co-founder & President of N. Peter Burton & Company, a commercial brokerage and property management firm, which he sold to Grubb & Ellis.  In this capacity, he represented such major corporations as Chase Manhattan Bank, The Dreyfus Corporation, and Panasonic.  Mr. Ifshin was founder & Chairman of Empire State Land Company, a residential property developer, from 1985 to 1988, and founder & Chairman of The Delphi Land Company, Inc., a developer of town home communities, from 1989 to 1991.  With nearly 40 years of experience, Mr. Ifshin is responsible for some of the most influential transactions in New York City, including the 1981 sale of the Ford Motor Building to the Bronfman family and the 1986 sale of the Tiffany Building to The Daichi Kangyo Bank for a then record $950 per square foot.

Mr. Ifshin received a BA from the University of Vermont, where he currently serves on the Board of Advisors to the School of Business Administration and as a Director of the University of Vermont Foundation. He has served as an adjunct professor at New York University’s School of Continuing Education for real estate. Mr. Ifshin also serves on Hudson Valley Bank’s Business Development Board, the Board of Directors of WBGO Jazz 88.3, and is an active member of ICSC.


Daniel Taub
Executive Vice President & Chief Operating Officer

Daniel Taub joined DLC in 1996.  As Executive Vice President and Chief Operating Officer, he is responsible for the day-to-day operation of DLC’s portfolio including leasing, property management, construction management, collections, marketing, legal and information technology and all administrative aspects of the firm, and its regional offices in Atlanta, Bethesda, and Chicago.  In addition, he also oversees property level and corporate insurance and all environmental issues at each of the company’s properties.

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Mr. Taub was responsible for spearheading DLC’s acquisition and financing of real estate assets from 2000-2011.  In this capacity, he sourced new properties from property owners and investment sales brokers nationwide, manages third-party consultants during due diligence, negotiates the terms of acquisitions, and arranges debt financing in the capital markets.  At DLC, Mr. Taub has been directly involved in the acquisition of more than 60 shopping centers, representing approximately 15 million square feet with a value of approximately $1.5 billion.

Prior to joining DLC, Mr. Taub worked on business and legal issues for Savoy Pictures.  His responsibilities included working with outside counsel to negotiate talent contracts, secure music clearance rights, obtain movie ratings, and coordinate outside independent contractors involved in the production of movies. Mr. Taub received a BA in economics from Boston University in 1993, and has completed the Real Estate Management Program: Developing Future Leaders at Harvard Business School. Mr. Taub is also an active member of ICSC, as well as a member of the ICSC Open Air Conference Committee.

Jonathan Wigser
Executive Vice President & Chief Investment Officer

Jonathan Wigser joined DLC in 2002.  As Chief Investment Officer, he is responsible for the acquisition, financing, and disposition of real estate assets, as well as related capital markets activities.  His responsibilities as Executive Vice President of Investor Relations include marketing DLC’s real estate acquisitions to the investor community, identifying and accessing new sources of investment capital, overseeing regular investor communications, and responding to investor inquiries.  He is also the co-founder and Managing Director of First Man Investment Securities Corp., the exclusive placement agent for all DLC Management Corp. real estate investments, and holds Series 7, 24, and 63 FINRA licenses.

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Mr. Wigser has more than 10 years of capital markets experience with CIBC Oppenheimer, First Union Capital Markets, NationsBanc Capital Markets, and SG Cowen Securities, as well as the real estate investment banking groups of Shearson Lehman Hutton and PaineWebber Inc., and was involved in more than $20 billion of leveraged finance, acquisition, real estate, and private equity and debt transactions. Prior to joining DLC, Mr. Wigser was Director of Business Development and Strategy for i-Deal LLC, a debt and equity markets service provider, and Senior Vice President of DealComposer USA, an international investment finance company.

Mr. Wigser received a BA, cum laude, in economics from Williams College in 1987, and an MBA from Duke University’s Fuqua School of Business in 1994.  He previously served as a member of Fuqua’s Board of Visitors and as Chair of the school’s Alumni Council, and is currently a member of the Executive Committee of the Board of Advisors of the Duke Cancer Institute, as well as a member of Duke University Financial Partners, The James B. Duke Society, Rex D. Adams Society, and Cornerstone Society.  Mr. Wigser is an active member of ICSC.

Bill Comeau
Executive Vice President & Chief Financial Officer

William (Bill) Comeau joined DLC in 2005 from Kimco Realty Corporation, one of the nation’s largest owner and operator of community shopping centers, where he was Director of Financial Reporting.  In his capacity as CFO, he directs the day-to-day activities of the firm’s 20-person accounting department and is responsible for the preparation of annual operating budgets, financial and variance reporting, and financial due diligence on all prospective acquisitions, as well as overseeing DLC’s outside accountants in the preparation of year-end audits and cost segregation studies.

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Prior to his tenure at Kimco, where he was responsible for managing the accounting for all of their institutional joint ventures (including over 250 assets), Mr. Comeau spent four years at Cushman & Wakefield as Controller in the Asset Services Division, where he oversaw a portfolio of three million square feet of office and retail assets.  He is also a Certified Public Accountant and has six years of experience in public accounting with the Real Estate Services Group of Arthur Andersen and with Margolin, Winer & Evens.

Mr. Comeau received a BBA in accounting from Baruch College in 1990, and an MBA in corporate finance from Manhattan College in 1998.  He is also an active member of ICSC.

Michael Desmarais, CSM
Senior Vice President, Property Management

Michael Desmarais joined DLC in 2005.  As Senior Vice President of Property Management he is responsible for all asset management and operations activities across DLC’s national portfolio of shopping centers. In this capacity, he oversees the day-to-day operations at each center, including the hiring and supervision of staff, preparation of monthly, quarterly, and annual budgets, expense management, tenant and community relations, collections, and contractor and vendor negotiations.

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Mr. Desmarais brings over 25 years of shopping center management experience to DLC, most recently as Director of Property Management for New Plan Excel Realty Trust, where he was responsible for 65 community and neighborhood shopping centers comprising eight million square feet located in the Mid Atlantic and Northeast. He has previously held a number of property management positions including Regional Property Manager for Montgomery Group Affiliates, where he managed 15 shopping centers; Senior Property Manager for CNM Associates, where he managed eight power centers across five states; and Regional Property Manager for the Kravco Company, where he directed the operations of 11 super regional shopping malls comprising over 10.5 million square feet.

Mr. Desmarais is a graduate of Michigan State University, and is a member of ICSC, having earned the designation of Certified Shopping Center Manager.

Basil Donnelly, ESQ
Senior Vice President, Legal Affairs

Basil Donnelly is Senior Vice President of Legal Affairs for DLC, having joined the company in 2010.  In this capacity, Basil directs the day-to-day activities of the Legal Department and oversees the company’s legal matters, including leasing, acquisition, financing, disposition and litigation.

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Previously, Mr. Donnelly was Executive Vice President and General Counsel – Property for Centro Properties Group where he was a member of the US Management Committee and was responsible for all of the legal aspects of the company’s day-to-day operations, including leasing, redevelopment, development, litigation, bankruptcies and property level financings.  Until its acquisition by Centro Properties Group in 2005, Mr. Donnelly had been Vice President and General Counsel for Kramont Realty Trust, a public US REIT, where he was responsible for overseeing all of the company’s legal affairs.  Before this he was a Senior Associate at Morgan Lewis LLP, where he practiced general real estate law, concentrating on leasing transactions. Mr. Donnelly began his legal career as a real estate and corporate counsel for Montgomery Group Affiliates, a predecessor company to Kramont Realty Trust.

Mr. Donnelly has written articles and given presentations on real estate industry topics. He has over 17 years of experience in the shopping center industry.  Basil received a BA in Economics from Connecticut College in 1986 and a JD from Villanova University School of Law in 1993, where he was an editor of the Villanova Environmental Law Journal.


After buying Randhurst Village mall, investor plans big expansion

June 19, 2015 Crain's Chicago Business

A suburban New York investor bought the sprawling Randhurst Village shopping mall in Mount Prospect and plans a major expansion of the property.... read more

Randhurst Village Purchased By East Coast Company

June 19, 2015 Journal Online

DLC Management Corporation, an owner and operator of open-air shopping centers, has purchased Randhurst Village in Mount Prospect for an undisclosed amount.... read more

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