Landlords: Overbuilt’s now underbuilt, and business is good

Over the past 12 months, DLC Management Corp. and its investment partners have acquired seven open-air centers that, in total, comprise 1.5 million sq. ft. of retail space. Founder and CEO Adam Ifshin’s goal is to double the size of his center portfolio with capitalization, not new construction, and his new space is going fast.

“There are a lot of people who are trying to tie up space right here, right now, because they’re afraid it’s not going to be here tomorrow,” Ifshin told Chain Store Age on the floor of the ICSC New York Show during the second week of December. “We’ve had some bidding wars for 25,000-to-30,000-sq. ft. spaces.”

The space grab is, indeed, fearsome. Ifshin reported that DLC had signed two anchor tenants to leases that had been out for less than 30 days.
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RSK: Open air retail centers and malls are doing quite well at the moment...but most retail centers are.