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DLC Adds Fifth Anchor; $5M Rehab Up Next

GARLAND, TX-Ross Dress for Less takes 30,000 sf of a 50,000-sf shuttered Tom Thumb at Whiterock Marketplace. The 273,000-sf power center's full redo begins in 60 to 90 days.

By Connie Gore | Updated on October 07, 2008

GARLAND, TX-DLC Management Corp., landing a backfill for a dark grocery store, is poised to invest nearly $5 million into upgrading the 273,000-sf Whiterock Marketplace. Work will begin in 60 to 90 days on the center and its newest anchor, a 30,000-sf Ross Dress for Less.

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.

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