ELMSFORD, NEW YORK / ACCESSWIRE / January 9, 2025 / DLC wrapped up a very successful 2024 by closing the acquisition of Danada Square West, a premier grocery-anchored shopping center in the high-demand Chicago suburb of Wheaton, IL, for $61,730,000 in a joint venture with Dallas-based Crow Holdings Capital and Temerity Strategic Partners. The 314,819-square-foot property, 92.7% leased, boasts powerhouse tenants, including Jewel Osco, TJ Maxx, HomeGoods, Burlington, Ulta, and Five Below, and represents a rare opportunity for strong immediate returns and long-term growth.
Danada Square West highlights:
Jewel Osco has been the property's grocery anchor for 36 years, since the center first opened in 1988
TJX has also been a committed tenant since the center was developed, initially with a TJ Maxx location and then the addition of a HomeGoods in 2004
Between 2021 and 2023, the center underwent major façade upgrades and a parking lot replacement
The property serves a robust trade area with a 3-mile population of over 77,000 and average household incomes exceeding $155,000
Positioned at the bustling intersection of Butterfield Road and South Naperville Road, Danada Square West is a critical retail hub within DuPage County, benefitting from exceptional visibility, five access points, and high traffic volumes (45,100 VPD combined). The center enjoys proximity to other major retail centers, establishing Wheaton and the surrounding area as a dominant shopping destination.
DuPage County has a robust employment market and is home to 12 Fortune 1,000 companies. The property is conveniently located within a 5-mile radius of four different premiere colleges, including Wheaton College and the College of DuPage.
"This acquisition is exactly the kind of opportunity we seek-an already high-performing asset with untapped potential in a thriving market," said Adam Ifshin, DLC Founder and CEO. "Danada Square West's combination of national retailers, strong demographics, and significant upside opportunities aligns perfectly with DLC's mission to deliver exceptional value for tenants, shoppers, and investors. We're excited to bring our expertise to this incredible property."
DLC's plans to unlock further value include filling 22,964 SF of vacancy (with multiple letters of intent already under review), while simultaneously evaluating opportunities to drive value with existing tenants. Recent upgrades and leasing momentum from national tenants have set the stage for continued appreciation, making Danada Square West a key addition to DLC's portfolio of institutional-grade assets.
DLC has acquired over $400MM in open-air shopping centers in the last 12 months and has operated in the Midwest for over 20 years. This is DLC's first transaction with Crow Holdings Capital and its tenth with Temerity Strategic Partners.
JLL's Keely Polczynski served as the broker out of Chicago.
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About DLC
DLC is a preeminent owner and operator of open-air shopping centers across the United States, with a proven track record of delivering value through innovative asset management strategies and strategic acquisitions. For more information, visit www.dlcmgmt.com.
About Crow Holdings Capital
Crow Holdings Capital (CHC) is a real estate investment management company specializing in multifamily, industrial, and specialty property types delivered through strategies that span the risk-return spectrum. Since 1998, CHC has created a diversified portfolio in partnership with leading global investors and generating attractive returns across multiple market cycles. Led by a highly experienced leadership team, CHC manages $19 billion in real estate assets and is a subsidiary of Crow Holdings, a privately owned real estate investment and development firm with 75 years of history, $33 billion of assets under management, and an established platform with a vision for continued success. The firm's ongoing legacy is rooted in its founding principles: partnership, collaboration, and alignment of interests. For more information, please visit www.crowholdings.com.
About Temerity Strategic Partners
Temerity Strategic Partners ("TSP"), headquartered in Chicago with offices in New York, is a real estate private equity firm focused on providing programmatic co-general partner (co-GP) capital to real estate operating, development, and asset management companies on behalf of its principals and a distinguished group of private and institutional investors. TSP's accomplished and diverse team provides growth capital, strategic resources, and access to TSP's extensive relationships to support rapidly growing, market leading real estate owners and operators executing development, value-add, and core-plus strategies throughout the United States. Founded by industry veterans Bruce Cohen and Jeff Citrin, TSP leverages its experience in building, capitalizing, and investing in preeminent real estate operating platforms to support the pursuit of their long-term objectives. For more information, please visit www.temeritystrategic.com.
Contact Information
Michael St. John
Senior Vice President, Marketing, DLC
mstjohn@dlcmgmt.com
914.406.7622
SOURCE: DLC
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