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DLC Buys Williamsburg Shopping Center for $16.7 Mil

WILLIAMSBURG, VA-The 255,000-sf shopping center is located near Colonial Williamsburg and the College of William and Mary. Nearly 60% of its leases are set to roll over in the next two years.

By Wendy Watkins | Updated on May 16, 2001

WILLIAMSBURG, VA-DLC Management Corp. bought the Williamsburg Shopping Center for $16.7 million, according to company officials. The 255,000-sf shopping center is the company’s first purchase in Virginia.

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.”

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