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.