One of the metro’s most popular shopping centers has a new owner.
Shadow Lake Towne Center in Papillion was purchased in early May by New York-based company DLC for more than $94 million. The previous owner, PREP Property Group, bought the open air retail space in 2018.
The purchase is the first Omaha investment for DLC, said Chief Executive Officer Adam Ifshin. The company specializes in open-air retail spaces, with properties across the United States.
“We think we can make (Shadow Lake) better,” Ifshin said, “but we’re not coming to town to tear down a regional mall. We think we can add more.”
Shadow Lake Towne Center has 640,328 square feet and is currently 90% leased, according to DLC. Tenants include JCPenney, Dick’s Sporting Goods and TJ Maxx. The opening-air shopping center is also anchored by a Hy-Vee grocery store.
Ifshin envisions a “15,000- to 20,000-square foot national experiential tenant” in Shadow Lake, as well as additional food vendors and retail space on an undeveloped piece of land north of Dick’s Sporting Goods.
“Omaha checks every box for us,” Ifshin said. “Population growth, strong household incomes, and retail fundamentals that continue to outperform. We are entering this market with a dominant asset and a clear plan to create immediate value from day one.”
The acquisition adds to DLC’s presence in the Midwest, where the company currently owns 11 properties totaling over 3.3 million square feet of open-air retail space.