DLC Management and Cohen & Steers Acquire Grocery-Anchored Royal Plaza in Front Royal, Virginia

FRONT ROYAL, Va. — Aug. 17, 2026 — DLC Management Management has acquired Royal Plaza, a grocery-anchored shopping center in Front Royal, Virginia, the company announced. The acquisition was completed through DLC's strategic investment partnership with Cohen & Steers and funded via the firm's joint venture relationship with Temerity Strategic Partners.

Royal Plaza is located at 409–465 South Street, at the southwest corner of U.S. Route 522 and John Marshall Highway — the primary commercial intersection in Front Royal — approximately 70 miles west of Washington, D.C. The property traded at $22.5 million, or roughly $90 per square foot.

Property Overview and Anchor Tenants

The broader Royal Plaza campus spans approximately 248,816 square feet across multiple buildings, incorporating inline suites, anchor boxes, and outparcels housing banks and service retail. DLC's press release cites 159,456 square feet, which appears to reflect a specific building set or acquired interest within the larger campus.

Royal Plaza is 92% occupied and anchored by the second-highest-performing Martin's grocery store in the chain. The center is shadow-anchored by Rural King, whose Front Royal location ranks as the retailer's top-performing store nationwide. Additional tenants include Truist Bank, Atlantic Union Bank, Bath & Body Works, T-Mobile, and Valley Health Urgent Care.

The property benefits from direct access and visibility via Interstate 81, Interstate 66, and Routes 522, 340, and 55, supporting a regional trade area extending approximately 30 miles. Proximity to Shenandoah National Park, which draws approximately 1.7 million visitors annually, provides additional demand for grocery, general merchandise, and convenience retail.

Trade Area Demographics

The immediate trade area includes more than 28,000 residents with average household incomes approaching $100,000 and more than $1.08 billion in annual consumer spending. Those figures underpin the center's positioning as the dominant shopping destination for the broader Shenandoah Valley region.

Occupancy at the time of a prior brokered disposition in March 2026 stood at approximately 97%. The current 92% occupancy at the time of the DLC and Cohen & Steers acquisition reflects modest rollover between the two closings.

Executive Commentary

"The best shopping centers aren't getting easier to buy; they're getting harder to find," said Adam Ifshin, Founder and CEO of DLC. "Royal Plaza is exactly the kind of asset we want to own: a dominant grocery-anchored center with exceptional retailers, proven performance and a strong position in its market. Our job now is to execute. With our integrated leasing, asset management and property management platform, we will continue building on an already outstanding foundation."

"Royal Plaza has the fundamentals we look for: a strong location, quality retailers, and a customer base that prioritizes the center," said Chris Ressa, Chief Operating Officer of DLC. "The acquisition is only the starting point. Our focus is on execution and finding opportunities to make a good asset even better over time."

Capital Structure and Partnership Context

DLC funded its equity in the transaction through its ongoing joint venture relationship with Temerity Strategic Partners. The acquisition was completed through DLC's broader strategic investment partnership with Cohen & Steers, which specializes in real assets and alternative income strategies including listed and private real estate.

The deal adds to DLC's existing Virginia portfolio and continues the firm's stated focus on necessity-based, open-air retail assets. DLC manages more than $4 billion in assets across more than 90 properties totaling approximately 24 million square feet.

The prior disposition of Royal Plaza in March 2026 was brokered by Cushman & Wakefield | Thalhimer's Capital Markets team, with Catharine Spangler marketing the asset.

Market Context

Grocery-anchored retail centers in secondary markets within the greater Washington, D.C. exurban corridor have drawn sustained investor interest, with buyers citing supply constraints and the durability of necessity-based tenant demand. Royal Plaza's combination of a high-volume grocery anchor, a nationally ranked general merchandise shadow anchor, and a broad regional trade area positions it as a supply-constrained asset within its submarket.

The $90-per-square-foot pricing reflects the center's occupancy profile and anchor performance at the time of acquisition. No cap rate was disclosed for the transaction.

Sources

Temerity Strategic Partners — DLC Expands Virginia Portfolio with Acquisition of Dominant Grocery-Anchored Shopping Center