ELMSFORD, NEW YORK / ACCESSWIRE / December 23, 2024 / DLC, one of many nation’s main homeowners and operators of outside procuring facilities, introduced the acquisition of two premier supercenter-anchored Walmart (NYSE:) procuring facilities in Columbus (WA:), Ohio – Taylor Sq. and Tuttle Crossing – for $76.25 million, with Principal Asset AdministrationSM performing as an advisor. This transaction continues DLC’s targeted growth into the rising Columbus MSA space.
The Taylor Sq. and Tuttle Crossing portfolio contains 621,792 sq. ft of owned GLA and is roughly 99% occupied. With a powerful weighted common lease time period (WALT), distinctive home and anchor tenant efficiency and rents considerably under market ranges, this portfolio stands out as a testomony to sturdy and resilient funding fundamentals. Positioned for development, it supplies a novel alternative to capitalize on the long-term stability and upside potential of one of many nation’s most dynamic retail markets.
Highlights of Taylor Sq. (395,074 sq. ft):
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Anchored by the top-performing Walmart Supercenter within the Columbus MSA, alongside Marshalls and Greenback Tree (NASDAQ:).
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Main industrial hub for surrounding communities, on the intersection of Interstate 70 and State Route 256, 12 miles (19 km) east of downtown Columbus, and the final main industrial hall on I-70 East for 42 miles.
Highlights of Tuttle Crossing (226, 718 sq. ft):
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Anchored by a Walmart Supercenter and nationwide retailers Ross Costume for Much less, Greatest purchase (NYSE:), Macy’s (NYSE:) Furnishings Gallery, Golf Galaxy and Ashley.
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At the moment 97.8% occupied with built-in value-add alternatives via lease restoration and redevelopment potential.
DLC already owns greater than 562,000 sq. ft of outside procuring facilities within the area, together with Northern Lights and Powell Heart, which boast excessive occupancy charges of 89% and 96%, respectively.
“The acquisition of Taylor and Tuttle marks one other milestone for DLC within the Columbus MSA,” mentioned Adam Ifshin, founder and CEO of DLC. “Now we have been on this marketplace for over 20 years, with two different facilities in shut proximity, a 3rd which we offered final yr at accretive costs, and we’re increasing at Northern Lights including self-storage . from Ohio State College, a robust connection to enterprise, housing development and different main financial drivers maintain us trying to the longer term.
That is DLC’s second collaboration with Principal Asset Administration in 2024 and eighth in partnership with Temerity Strategic Companions. This yr alone, DLC has acquired greater than $400 million in new properties.
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About DLC
DLC is a number one proprietor and operator of outside procuring facilities in the USA, with a confirmed monitor document of making worth via modern asset administration methods and strategic acquisitions. For extra info, go to www.dlcmgmt.com.
About Core Asset AdministrationSM
With capabilities in each private and non-private markets throughout all asset courses, Principal Asset Administration and its funding specialists have a look at asset administration from a unique perspective, creating options to assist obtain shoppers’ funding targets . By making use of native information to world views, Principal Asset Administration identifies distinct and compelling funding alternatives for greater than 1,100 institutional shoppers in additional than 80 markets.1 Principal Asset Administration is the worldwide funding options enterprise of Principal Monetary Group (NASDAQ:) ® (Nasdaq: PFG), managing $585.6 billion in belongings1 and acknowledged as one of many “Greatest Locations to Work in Monetary Administration”2 for 13 consecutive years.
Study extra at www.PrincipalAM.com.
[1] As of September 30, 2024
[2] Pensions & Investments, “The Greatest Locations to Work in Cash Administration”, amongst firms with 1,000 or extra staff, December 2024.
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