Success Stories > Spring Valley Marketplace

SELLING THE MARKET
Spring Valley Marketplace - Spring Valley, NY

We acquired Spring Valley Marketplace in 1999 as part of a nine property, $93 million portfolio acquisition. Located directly on the New York State Thruway, 25 miles north of Manhattan and less than 12 miles from DLC’s headquarters, Spring Valley is a prime example of how we can create tremendous value through hands-on management and a leasing-driven focus.

An older, tired asset, Spring Valley seemingly offered little to distinguish it from competing retail venues, and leasing activity was anemic. With a new 3 million square foot mall opening nearby on the Thruway and two of the center’s anchor tenants declaring bankruptcy, net operating income dropped by two-thirds as occupancy quickly fell to under 50%.

DLC, however, saw opportunity in a high-visibility location on the heavily traveled Thruway, with excellent access to a strong but misunderstood market. By demonstrating to retailers that the market was geographically broader and economically deeper than had been assumed, we succeeded in bringing Target to Spring Valley, adding Christmas Tree Shops and David’s Bridal as new anchors and Cape Cod Crafters, Carter’s, Catherines, GameStop, Nine West, State Farm and Yankee Candle as new inline tenants.

To reconfigure the center and make this redevelopment a reality, we worked closely with local Spring Valley officials to secure the necessary permits, and with the Thruway Authority for approvals to build a new pylon sign directly fronting the Thruway.

Today, after an intense effort, Spring Valley Marketplace is once again a prime consumer destination. By working hard to bring the right tenant mix to the property, we have tripled the center’s net operating income, reinforced the town’s tax base and created exciting new opportunities for a select group of national retailers.

Read The New York Times article from April 23, 2003 about
Spring Valley Marketplace.