DLC Secures Boston Market Entry With $86 Million Colony Place Purchase

DLC, one of the largest private owners, operators, and managers of open-air retail spaces in the United States, has acquired the Colony Place shopping centre in Plymouth, MA, for $86 million. This off-market transaction marks DLC’s entry into the Boston Metropolitan Statistical Area (MSA). The acquisition is DLC’s first with Principal Asset Management acting as adviser.

This deal also represents DLC’s second collaboration with Temerity Strategic Partners (TSP). In December 2023, TSP and DLC launched a venture to support DLC with growth capital, aiming to double the size of its portfolio by 2025. "Located midway between Boston and Cape Cod, the centre is a trophy asset in the Boston market with no direct comparable shopping centres," said Adam Ifshin, founder and CEO of DLC.

Colony Place features more than 50 stores and restaurants across two phases, making it a dominant shopping destination in the Plymouth-Kingston trade area. The centre is currently 94 percent leased. According to Placer.ai data, Colony Place saw 5.1 million total visits and 612,700 unique visitors in 2023. The average visit time last year was 54 minutes, with visits increasing by over 20 percent in the past three years.

"We are thrilled to work with Principal Real Estate to get this deal across the finish line in a very short timeframe," Ifshin said. "While the current rate environment has made other investors step aside, at DLC we’re stepping up. This deal is just the latest in a series of activities focusing on high-quality centres where we can enhance the customer experience by curating a superior merchandising mix."

Founded in 1991 and led by Ifshin, DLC has grown to be one of the largest private owners, operators, and managers of open-air shopping centres in the U.S., with holdings across 32 states. The company specialises in enhancing the value of its shopping centres through proactive leasing, development, asset management, and strategic capital improvements.

"If you want to make a successful investment in today’s world, you need DLC’s experience, grit, and know-how," Ifshin said. "Simply put, we get things done."

About Principal Asset Management

Principal Asset Management offers public and private market capabilities across all asset classes. The firm identifies distinct investment opportunities for over 1,100 institutional clients in more than 80 markets. As of March 31, 2024, Principal Asset Management manages $545 billion in assets and has been recognised as a "Best Places to Work in Money Management" for 12 consecutive years by Pensions & Investments.

For additional information about DLC and its portfolio, please visit their official website.