DLC Sells Randhurst Village After Retail Redevelopment Push
DLC has sold Randhurst Village following a repositioning effort that included anchor conversions and new dining concepts.
DLC, a prominent owner and operator of open-air shopping centers based in Elmsford, N.Y., has completed the sale of Randhurst Village, marking the exit from a property it substantially transformed through targeted leasing and redevelopment strategies.
The company repositioned the center by converting major anchor spaces, attracting new-to-center retailers, and cultivating a local dining destination on the property. The moves reflect a broader industry trend of adaptive reuse at legacy retail sites as landlords seek to replace departed department store tenants with experiential and food-and-beverage offerings.
Read more NFP Names Kate Henry President of U.S. Regions in Leadership Shake-Up →
Randhurst Village's transformation illustrates the kind of value-creation playbook that open-air center operators have increasingly deployed in recent years — repositioning underutilized anchor pads to draw foot traffic and support smaller inline tenants. The sale signals DLC's confidence that the repositioning work had sufficiently matured the asset for disposition.
DLC is regarded as one of the leading firms in the open-air shopping center space nationally, and transactions of this type typically reflect the company recycling capital from stabilized assets into new acquisition or redevelopment opportunities.
Continue reading at All Financial Services & Investing.
