DLC Management And DRA Advisors Acquire Retail Portfolio In Temecula For $255 Million

A retail portfolio consisting of six properties was sold for $255 million in Temecula, CA. The total square footage of the retail assets amounts to 1,100,000, resulting in a price per square foot of $232. The properties included in the sale are approximately 95% leased at the time of closing.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $255,000,000
• Square Footage: 1,100,000
• Price Per Square Foot: $232
• Buyer: Adam Ifshin - DLC Management
• Buyer: David Luski - DRA Advisors
• Seller: John A. Kite - Kite Realty
• Market: Temecula, CA

DLC Management Corp. and DRA Advisors acquired the retail portfolio as part of their investment strategy, with Newmark advising the buyers on the acquisition and debt placement. Kite Realty divested these non-core assets as part of its capital recycling strategy.