Perimeter Woods, the open-air shopping center directly across from Northlake Mall in north Charlotte, has a new owner. New York-based DLC Management acquired the Charlotte asset in mid-June, with county filings showing the Charlotte piece of the deal recorded at $36.6 million. The sale lands as national retail owners shuffle their portfolios up and down the Northlake retail corridor.
Perimeter Woods at 10125 Perimeter Parkway spans just over 20 acres and is anchored by Best Buy, PetSmart, Burlington and Michaels, as reported by Charlotte Business Journal. The center’s visibility from interstates 485 and 77 has helped make it a high-footfall stop for north Charlotte shoppers.
How the deal shows up in county records
Mecklenburg County deed records show Kite Realty Group, through KRG Charlotte Perimeter Woods LLC, transferred the Perimeter Woods parcel on June 17 to an entity tied to DRA Advisors, with the Charlotte portion of the package recorded at $36.6 million, according to The Charlotte Observer. The Observer reports the transaction was handled as a six-property, off-market portfolio sale that added roughly 1.11 million square feet of retail across five states. County files also indicate the Lowe’s outparcel next door was excluded from the transfer.
What DLC says it will do
DLC described the purchase as part of a six-property portfolio acquisition completed with DRA Advisors and said it will prioritize operational improvements such as parking, landscaping and refreshed signage at newly acquired sites. In a June 17 post on DLC’s website, CEO Adam Ifshin called the assets “market-dominant” and noted the company has been expanding aggressively; the DLC release states the package was about 95% occupied at closing. The company’s announcement also says DLC now owns and operates nearly 100 open-air shopping centers and manages more than $4 billion in assets nationwide, per DLC Management.
Local context: Northlake’s retail shake-up
The Perimeter Woods sale drops into a broader reset around Northlake: nearby Northlake Mall was sold last year after receivership for about $39 million to Hull Property Group, and the area has seen tenant churn and other challenges as new owners reposition properties, as detailed by The Charlotte Observer. Local real-estate watchers say DLC’s likely opening moves will be targeted, operational fixes and a renewed leasing push rather than a full-scale redevelopment.
DLC’s statement notes the portfolio acquisition was largely leased at closing and that Perimeter Woods will be folded into its national operating platform, which typically translates into modest capital upgrades and an active leasing program. Shoppers and tenants can expect to see signage and landscaping updates as DLC settles in and starts managing the center.
