DLC Acquires Boston-Area Shopping Center Colony Place for $86 Million

DLC, one of the largest private owners and operators of open-air retail in the U.S., has announced the acquisition of the Colony Place shopping center in Plymouth, MA, for $86 million. The deal, which was made off-market, signifies DLC's entry into the Boston Metropolitan Statistical Area (MSA).

This transaction marks DLC's first partnership with Principal Asset Management as an adviser. It is also DLC's second collaboration with Temerity Strategic Partners. In December 2023, DLC and TSP launched a venture to support DLC's expansion, aiming to double its portfolio by 2025.

With over 50 stores and restaurants, Colony Place is a major regional attraction, boasting 5.1 million visits in 2023. The shopping center is currently 94 percent leased. Adam Ifshin, founder and CEO of DLC, highlighted its unique position and DLC's commitment to enhancing the shopping experience.

DLC, founded in 1991, manages open-air shopping centers across 32 states, focusing on proactive leasing, development, and asset management to enhance value.