DLC Management Lands $44M for Columbus Retail Duo
The financing package was provided by two banks in separate transactions.
DLC Management Corp. has received a combined $43.7 million for a two-asset, 605,820-square-foot retail portfolio in metro Columbus, Ohio.
TriState Capital Bank provided a five-year, fixed-rate $30 million loan for Taylor Square in Reynoldsburg, Ohio, while Dollar Bank issued a five-year, $13.7 million note for Tuttle Crossing in Dublin, Ohio. JLL arranged both transactions.
DLC Management had purchased the two retail centers last month from the joint venture of Island Capital and Casto, for a total of $76.3 million. Institutional Property Advisors represented the seller.
Two metro Columbus retail centers
Completed in 2000 on a 48.3-acre site, the 378,102-square-foot Taylor Square underwent renovations in 2023. The property is at 2793 Taylor Road, just off Interstate 70, which is transited daily by 97,000 vehicles. The Walmart-anchored shopping center features 34 tenants including Marshalls, JoAnn, Dollar Tree and Bath & Body Works. Taylor Square was 99.7 percent leased at the time of the deal.
Tuttle Crossing is a 226,718-square-foot retail center covering an 18.7-acre site. Completed in 1996 and renovated in 2022, the Walmart shadow-anchored property currently has seven tenants including Best Buy, Ashley Furniture, Macy’s Furniture Gallery, Cost Plus World Market and Ross Dress For Less. The shopping center is at 5800 Britton Parkway near Interstate 270, a location transited daily by 117,360 vehicles. Tuttle Crossing was 97.8 percent leased at closing.
Downtown Columbus is 14 miles away from both properties, west of Taylor Square and south of Tuttle Crossing.
JLL Capital Markets Senior Managing Directors Scott Aiese and Claudia Steeb, together with Director Alex Staikos, led the Debt Advisory team that secured the financing package.
Grocery-anchored shopping centers continue to meet the needs of changing demographics, demonstrating their resilience. In 2025, the retail sector will lean even more into necessity-based retail, catering to the increasing demand for proximity-based and convenience-oriented shopping experiences.
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