Williamsburg Shopping Center Richmond Road and Monticello Avenue Williamsburg, VA Case Studies Home   DLC acquired this 251,000 square foot shopping center an overlooked asset, too small to merit the full attention of its owner, a publicly traded REIT. Located within the historic city, the center benefits from strong zoning restrictions and the hidden income of 4 million annual tourists and 8,300 students and faculty at the adjacent College of William & Mary. DLC targeted value creation through 94,000 square feet of below-market department store leases, which accounted for 38% of the center’s total area. Peebles, in 32,000 square feet, had been a tenant since 1971 and Rose’s, in 66,000 square feet, had been a tenant since 1983. DLC released the Peebles space to Stein Mart, a much stronger retailer that sells designer products at discount prices, at a 200% increase in rental rate. Marshalls, a leading value retailer and ‘A’ credit, leased half of the Rose’s box for twice the rent, with future rent increases. With Marshalls and Stein Mart in hand, DLC leased 10,000 square feet to Tuesday Morning, a deep discounter of upscale home accessories. DLC is currently negotiating to lease the remaining Rose’s space to a national value retailer at a rate more than 2.5 times the previous rent.