Success
Stories > Williamsburg Shopping Center
UPGRADING
TENANCY
Williamsburg
Shopping Center - Williamsburg, VA
DLC acquired Williamsburg Shopping Center in 2001 with a view towards generating value-added returns through 94,000 square feet of below-market anchor leases. We liked the center’s infill location, strong zoning protection and access to the hidden demographics of 4 million annual tourists and 8,300 students and faculty at the adjacent College of William & Mary.
With two below-market anchors accounting for almost 40% of the center, the challenge was to find the right replacement retailers. Based on the property's demographics and our retail relationships, DLC quickly reached an agreement to lease 32,000 square feet to Stein Mart, a much stronger retailer and credit, at a 200% increase in rent.
DLC then turned to leasing the remaining 62,000 square foot anchor box. With few options available for retailers in this infill market, we decided to split the box in two to better serve the community and leased 30,000 square feet to Marshalls, a leading value retailer, for more than double the previous rent.
We are in the process of leasing the remaining 32,000 square foot space to another national retailer, which will successfully complete the re-tenanting of Williamsburg. In just three years, DLC dramatically improved the retailing mix and credit quality of the center, increasing its value by over 30%.
|
|
