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DLC, Cohen & Steers Acquire Open-Air New Hampshire Center in Off-Market Deal
DLC, an owner and operator of open-air shopping centers, has completed the off-market acquisition of West Street Shopping Center, a 206,319-square-foot grocery-anchored shopping center in Keene, NH, in a joint venture with Cohen & Steers through its Cohen & Steers Real Estate Opportunities Fund. The sale price was not disclosed.
West Street features the country’s No. 2-performing Hannaford and Hobby Lobby as anchors. Hannaford has operated there since 1984.
“Our investment strategy is built on identifying opportunities where our experience gives us a competitive advantage,” said Adam Ifshin, founder and CEO of DLC. “We know this market, understand the fundamentals, and see significant upside in this asset. This is the kind of off-market opportunity where our knowledge and operating capabilities will drive meaningful long-term value.”
Cohen & Steers said the acquisition aligns with its investment thesis of acquiring income-generating shopping centers anchored by necessity-based retailers in established markets with limited competitive retail supply.
