Charlotte retail center near Northlake Mall sells for $36.6 million to NY firm
New York retail real estate firm DLC Management has bought the shopping center across from Northlake Mall in north Charlotte.
Perimeter Woods, at 10125 Perimeter Parkway near interstates 485 and 77, includes retailers Best Buy, PetSmart, Burlington and Michaels. The sale did not include the Lowe’s home improvement site next door. That parcel previously sold in 2019 for nearly $27 million, Mecklenburg Property records show.
The sale is part of a six-property purchase completed in partnership with DRA Advisors, that includes over 1.1 million square feet of retail space in five states, DLC said Thursday.
Kite Realty Group, under KRG Charlotte Perimeter Woods LLC, sold the 12.6-acre Perimeter Woods open-air shopping center to DRA, under G&I XI Perimeter Woods LLC, on June 17 for $36.6 million from Kite Realty Group, Mecklenburg Property records show. In 2014, Indianapolis-based Kite Realty acquired the company Inland Diversified, which owned Perimeter Woods and the Lowe’s parcel, according to Kite Realty.
Just last year, the two-story, 1.1-million-square-foot Northlake Mall nearby sold for $39 million to Atlanta-based real estate firm Hull Property Group. The mall fell into receivership in 2021 after failing to pay its debts.
Charlotte shopping center appealing for expansion strategy
The Charlotte purchase is part of DLC’s broader expansion strategy in high-growth retail markets with shopping centers in areas of population growth and limited new retail centers, company CEO Adam Ifshin said in a statement.
Along with the Charlotte center, the other five are in Grapevine and College Station, Texas; Los Angeles; Memphis; and Brunswick, New Jersey. The properties are 95% occupied, DLC said.
DLC will focus on operational improvements at the newly acquired sites, the firm said.
More about Perimeter Woods shopping center’s new owner
DLC owns five other shopping centers in North Carolina, with one in the Charlotte region at Pavilion At King’s Grant in Concord, according to the company’s website. Retailers at the 8050 Concord Mills Blvd. center include TJMaxx, HomeGoods, Total Wine & More, Ulta Beauty and Barnes & Noble.
The King’s Grant center sold in December as part of an eight-property, $429 million deal that also included partnering with DRA, according to DCL. The 306,440-square-foot shopping center in Concord sold for $64.5 million, Charlotte Business Journal reported.
The Elmsford, N.Y.-based firm now owns and operates nearly 100 open-air shopping centers nationwide, totaling over 24 million square feet. DLC has more than $4 billion in assets.
Correction: A previous version of this story and its headline had inaccurate information about the sales price for Perimeter Woods in comparison to an earlier sale of property across from Northlake Mall. The story and headline have been updated.
This story was originally published June 26, 2026 at 10:26 AM with the headline "Charlotte retail center near Northlake Mall sells for $36.6 million to NY firm."
