Purchasing a commercial property can involve a number of detailed real estate transactions. From negotiating purchase and sale agreements to title and lien searches, the process involved in buying a piece of commercial real estate can be complex. However, all the challenges will be worth it when a commercial buyer gets the opportunity to help develop a new area of land.
DLC Management Corporation will likely have that opportunity now that they have acquired the Shoppes at South Hills from Vornado Realty Trust, who were the owners of the property since 2005. DLC will also acquire several vacant spaces and undeveloped land in the deal.
The 518-square-foot grocery-anchored power center is located in the trade area of Poughkeepsie. In 2009, Vornado decided to renovate the property and create a strip mall layout rather than an enclosed mall. This proved to be a successful move and attracted big-name stores such as Burlington Coat Factory to the area. Currently, the strip mall is home to ShopRite, Kmart, Chuck E. Cheese’s and multiple other stores.
The CEO of DLC Management Corp believes that this new property has significant development potential. The company has acquired over 4 million square feet of real estate totaling over $300 million this year alone. Earlier this month, DLC now leases a portfolio of 116 open-air shopping centers in 29 states.
Buying commercial real estate is a great way to expand a business and help the development of Poughkeepsie and other surrounding areas. It is important to understand the process and necessary steps in these types of developments or transactions in order to avoid unnecessary burdens or legal issues.
Source: Commercial Property Executive, “DLC Purchases 518 KSF Power Center in Poughkeepsie, NY,” Keith Loria, Dec. 22, 2014