Tenants in the center include Food Lion, Roses (Variety Wholesalers), Peebles, CVS and Books-A-Million. "Williamsburg is a terrific retail market. There are high barriers to entry from the zoning code and historic nature of the city," says DLC president Adam Ifshin. "We obtained a quality asset for less than replacement cost with future upside in dramatically below market rents on many of the existing leases."

According to DLC, 60% of the center's leases will roll over in the next two years, with an average rent that is $7 below market. The shopping center is next to the College of William and Mary and Colonial Williamsburg. "The market for the center far exceeds the actual three- and five-mile demographics," says DLC senior vice president for acquisitions Guy Morris. "Part of the allure for us was the tremendous additional disposable income that the college students and the tourists add to the market trade area."

Including the Williamsburg property, DLC owns and operates more than 5.3 million sf in 27 retail properties in 14 states. Founded in 1991, DLC buys under-performing commercial real estate with an emphasis on strip shopping centers.