Westport's Heyman Properties Sells Derby Shopping Center

-based has reportedly sold the Derby Walmart Plaza, located at ‪656 New Haven Avenue, Derby‬, to New York-based DLC Management Corp.'s Derby Improvements for an undisclosed sum.

The 199,393 square-foot shopping center is reportedly 98 percent leased, anchored by national chains Walmart, CVS and Adams Supermarket.

“DLC is actively seeking to acquire shopping centers offering value-add and redevelopment opportunities, as well as distressed debt secured by retail properties,” said Jonathan Wigser, DLC Management’s Chief Investment Officer, in a release (see attached). “Shopping centers located within drive distance of one of our existing offices are of particular interest.”

Headquartered in New York with regional offices in Atlanta, Baltimore, and Chicago, DLC Management leases a portfolio of 119 open-air shopping centers, totaling more than 16.7 million square feet of retail space in 32 states. Nine of the shopping centers are in Connecticut, and three are within a 15-minute drive of Walmart Plaza, the company said in its release.

"Walmart Plaza is well located in an in-fill market where we have a substantial presence," DLC’s President, Adam Ifshin, said. "Over time, we intend to unlock the value add potential in this asset. We continue to look for assets with value add potential nationwide."

Heyman Properties, with offices at 333 Post Road West, Westport, bills itself as a leading developer, owner and manager of commercial real estate in the Northeast. Founded by Lazarus Heyman more than 75 years ago, it boasts a portfolio of more than 3.5 million square feet of office and retail space as well as nearly 800 hotel rooms.

Some merchants reportedly told the CT Post they hope New York-based DLC will bring a higher profile to the decades-old shopping center.

For more, check out the CT Post report.