LFP Town Center acquired by DLC Management group for 28 million

DLC Management has acquired Town Center in Lake Forest Park for $28 million as part of a ten-property deal valued at $625 million. The transaction also includes Alderwood Plaza in Lynnwood and eight other properties across California. Merlone Geier Partners, the prior owner, still holds the Shoreline Place property in Shoreline. With this acquisition, DLC will oversee leasing, property management, and construction management for the grocery-anchored centers. This strategic move enhances DLC's footprint in the competitive West Coast retail sector.

The deal indicates robust interest in grocery-anchored properties, which have remained resilient amid economic fluctuations. The acquisition aligns with broader trends in retail property management, emphasizing the importance of grocery-anchored centers. Analysts suggest that such properties are increasingly vital in attracting consistent foot traffic and tenant stability.