KEENE, N.H. (MyKeeneNow) West Street Shopping Center has a new owner.

DLC, a New York-based shopping center owner and operator, announced Nov. 10 that it had acquired the 206,319-square-foot property in a joint venture with investment management firm Cohen & Steers. The purchase was made through an off-market transaction, meaning the property was not publicly marketed for sale.

The deal expands DLC’s retail holdings in Keene to more than 500,000 square feet. The company says it has owned and operated shopping centers in the city for more than 20 years.

For local shoppers, Hannaford is among the most established businesses at the center, having operated there since 1984. Along with Hobby Lobby, it serves as one of the property’s two major anchors.

DLC sees room to bring additional businesses to the shopping center. According to the company’s announcement, West Street is currently about 80% occupied, with approximately 40,000 square feet of retail space available for lease.

The company plans to pursue new tenants and strategic leasing opportunities to increase occupancy and improve the property’s performance.

“We know this market, understand the fundamentals, and see significant upside in this asset,” said Adam Ifshin, DLC’s founder and CEO, in the company’s news release.

Chris Ressa, the company’s executive vice president and chief operating officer, said DLC’s long history in Keene gives it an understanding of local retailers and consumer demand.

“Twenty years of successfully operating in Keene gives us a clear understanding of what works in this market,” Ressa said in the release.

West Street Shopping Center is located along West Street and serves shoppers from Keene and surrounding communities in southwestern New Hampshire, as well as parts of Vermont and Massachusetts.

DLC pointed to Keene’s role as a regional shopping destination, along with the presence of Keene State College, Antioch University and Cheshire Medical Center, as factors supporting retail demand in the area.

The company, headquartered in Elmsford, New York, owns and operates more than 90 shopping center properties nationwide, representing approximately 24 million square feet of space and more than $4 billion in assets under management.

The acquisition announcement did not disclose the purchase price or identify the shopping center’s previous owner. DLC also did not announce any immediate changes involving the existing businesses at West Street Shopping Center.