DLC, DRA Advisors Set to Pay $625M for 10 West Coast Retail Centers
Deal part of DLC’s goal to expand its asset platform by $2 billion by 2026
By Nick Trombola October 20, 2025 3:25 pm
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A New York-based, retail-focused real estate company is expanding its West Coast platform, with plans to nab 10 grocery-anchored properties ahead of establishing a new regional office.
DLC Management, together with DRA Advisors, will pay $625 million for the properties, six of which are located across Southern California. San Francisco-based investment firm Merlone Geier Partners sold the shopping plazas.
Truist Bank and Capital One provided a $430 million balance-sheet loan for the acquisition, according to sources. Newmark‘s Nick Scribani and John Caravillo negotiated the financing with oversight from Jordan Roeschlaub and Adam Doneger. Representatives for Truist Bank, Capital One and Newmark did not immediately return requests for comment.
“Our longtime partners at DRA sourced the opportunity and had the vision to bring us in,” Adam Ifshin, DLC co-founder and CEO, said in a statement. “While we have selectively invested in Western markets before — most notably in San Diego, Seattle and Southern California — this is the first opportunity of scale and quality to warrant establishing a permanent West Coast presence.”
Nine properties are currently included in the sale: Alderwood Plaza at 18520 33rd Avenue West in Lynnwood, Wash.; the Town Center at Lake Forest Park at 17171 Bothell Way Northeast in Lake Forest Park, Wash.; The UV at 458 Howe Avenue in Sacramento; Clairemont Town Square at 4821 Clairemont Drive in San Diego; El Monte Center at 3643 Peck Road in El Monte, Calif.; Highland Avenue Plaza at 4060 Highland Avenue in San Bernardino, Calif.; Hunter Court Shopping Center at 24372 Rockfield Boulevard in Lake Forest, Calif.; Magnolia Tyler Center at 3700 Tyler Street in Riverside, Calif.; and Mountaingate Plaza at 1177 East Los Angeles Avenue in Simi Valley, Calif.
The JV is also purchasing Lincoln Station at 11900 South Street in Los Cerritos, Calif., though that deal has not yet closed, according to a DLC spokesperson.
DLC also opened a Las Vegas office to oversee the portfolio and guide future growth in the region, though further details about that office were not immediately available.
The deal is DLC’s 12th transaction since 2023, as it aims to grow its assets by $2 billion by 2026. DLC and DRA in late 2023 paid $100 million for a four-property portfolio spread across Arizona, Colorado, New Jersey and Ohio, and DLC separately acquired a roughly 378,000-square-foot plaza in Maryland for $68.5 million last August.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
