Adam Ifshin, president of the Tarrytown, NY-based owner, tells GlobeSt.com that the deal with Ross Stores Inc. of Pleasanton, CA has been in the works about one year, swinging into motion roughly six months after a 50,000-sf Tom Thumb was shuttered by its parent, Safeway Inc., also headquartered in Pleasanton. The 17-year-old Whiterock Marketplace, sitting on 16.3 acres at 11255 Garland Rd., is now 70.9% leased.
The 20,000-sf balance of the grocery store box is being marketed for $11 per sf, triple net. Ifshin says other inline openings range from 1,100 sf to 7,200 sf while two pad sites are up for grabs, including Tom Thumb's former fueling station.
"We're doing a real redevelopment here," Ifshin stresses. "After the supermarket closed, some inline tenants went away."
DLC Management, marking its eighth year as owner, is rebuilding its roster with value-oriented retailers. When Ross opens in first quarter 2009, it will be rounding out a mix with Marshalls, Anna's Linens, Big Lots and Dollar General. Whiterock Marketplace includes Home Depot, a 102,370-sf corporate-owned box on 11.8 acres.
"We have very value-oriented tenants. That's where the consumer is today," Ifshin points out. "It's the right names for the economy we're in right now." And, he says he's holding a letter of intent for an 8,000-sf national shoe retailer as yet another value-placed bet.
Ifshin says plan is to paint the power center and put new facades on the former grocery store and Marshalls. In addition, all common areas will be upgraded. The objectives are "redevelop and greatly improve cash flow," but not sell it, according to Ifshin. "We made a good buy when we bought it," he adds. "It's been a very good center for us."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
