DLC Purchases 518 KSF Power Center in Poughkeepsie, NY
- Dec 22, 2014
DLC Management Corp. has acquired the Shoppes at South Hills, a 518,000-square-foot grocery-anchored power center in Poughkeepsie, N.Y., from Vornado Realty Trust.
“With the acquisition of the dominant grocery-anchored power center in the trade area, DLC cements its leadership position in ownership of open-air centers in Dutchess County,” Adam Ifshin, DLC Management Corp.’s CEO, said in a company statement. “With significant future development potential, The Shoppes at South Hills represents our final acquisition in a year where we successfully acquired over $310 million of real estate totaling in excess of 4.2 million square feet.”
Vornado Realty Trust had owned the property since 2005 and did a substantial renovation in 2009, creating a strip mall layout instead of an enclosed mall. The structure’s facelift helped to bring in big-name retailers like Burlington Coat Factory and Bob’s Discount Furniture.
Other tenants currently include ShopRite, Kmart, Christmas Tree Shop, Hobby Lobby, Ashley Furniture, Bob’s Discount Furniture, the South Hills Cinema 8 and Chuck E. Cheese’s.
Included in the deal are several large vacant spaces and land on which free-standing buildings were originally planned but not developed.
Located in the southern tip of the Town of Poughkeepsie at the intersection of U.S. Hwy 9 (South Road) and Route 9D, the mall is immediately adjacent to the Poughkeepsie Galleria Mall.
According to statistics released by DLC Management Corp., Poughkeepsie has a population of 70,206, with an average household income of $93,253.
It’s been an active month for DLC Management Corp., which also acquired an 11-shopping center portfolio from DDR Corp., which included seven retail properties in Western N.Y.
DLC Management Corp. leases a portfolio of 116 open-air shopping centers, totaling more than 19.6 million square feet of retail space in 29 states.
Jose Cruz and Marc Duvall of HFF, L.P. worked as representatives for the seller on the transaction.