A joint venture between DLC Management Corporation and DRA Advisors has picked up a 16-property retail portfolio totaling 4.5 million sqf in a transaction worth $390 million. The sale consists of assets throughout the Albany, Buffalo, Ithaca, Olean, Rochester and Utica markets in New York and Alabama. The portfolio is 89.2 percent leased and features properties anchored by high-quality tenants, including Home Depot, Walmart, Target, Lowe’s, Tops Markets and Price Chopper. Holliday Fenoglio Fowler represented the seller, DDR Corp.
“This portfolio represents a mix of high-quality, core assets and core-plus/value-add retail centers in the upstate New York Market,” stated senior managing director Jose Cruz, HFF. “The outstanding tenant base coupled with the leasing upside was very attractive to the buyer pool. At $390 million, this transaction represents one of the largest retail portfolio sales in the northeast thus far in 2016.”
