DLC Launches West Coast Expansion with $625-Million Portfolio Acquisition

DLC, in a joint venture with a fund managed by DRA Advisors, will acquire a ten-property, $625 million portfolio of premier grocery-anchored shopping centers across California and Seattle. This acquisition will mark DLC’s expansion to the West Coast, where the firm will open a new regional office to oversee the portfolio and support further growth in the Pacific and Mountain West.

The joint venture will acquire the portfolio from Merlone Geier. This transaction marks the 12th deal that DLC has closed since December 2023 with its co-general partner, Temerity Strategic Partners, which has committed growth capital to help DLC expand its assets by $2 billion by 2026.

“This joint venture marks a landmark moment for DLC as we expand to the West Coast and continue our evolution into a truly national enterprise,” said Adam Ifshin, co-founder and chief executive of DLC, in a statement. “While we have selectively invested in western markets before, most notably in San Diego, Seattle and Southern California, this is the first opportunity of scale and quality to warrant establishing a permanent West Coast presence.”

The portfolio includes El Monte Center, Highland Avenue Plaza in San Bernardino, Magnolia Tyler Center in Riverside, Mountaingate Plaza in Simi Valley and properties in San Diego, Sacramento and the state of Washington.

Information for this article was sourced from DLC.