Adam Ifshin, president of the Tarrytown, NY-based owner, tellsGlobeSt.com that the deal with Ross Stores Inc. of Pleasanton, CAhas been in the works about one year, swinging into motion roughlysix months after a 50,000-sf Tom Thumb was shuttered by its parent,Safeway Inc., also headquartered in Pleasanton. The 17-year-oldWhiterock Marketplace, sitting on 16.3 acres at 11255 Garland Rd.,is now 70.9% leased.

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The 20,000-sf balance of the grocery store box is being marketedfor $11 per sf, triple net. Ifshin says other inline openings rangefrom 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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"We're doing a real redevelopment here," Ifshin stresses. "Afterthe supermarket closed, some inline tenants went away."

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DLC Management, marking its eighth year as owner, is rebuildingits roster with value-oriented retailers. When Ross opens in firstquarter 2009, it will be rounding out a mix with Marshalls, Anna'sLinens, Big Lots and Dollar General. Whiterock Marketplace includesHome Depot, a 102,370-sf corporate-owned box on 11.8 acres.

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"We have very value-oriented tenants. That's where the consumeris today," Ifshin points out. "It's the right names for the economywe're in right now." And, he says he's holding a letter of intentfor an 8,000-sf national shoe retailer as yet another value-placedbet.

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Ifshin says plan is to paint the power center and put newfacades on the former grocery store and Marshalls. In addition, allcommon areas will be upgraded. The objectives are "redevelop andgreatly 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 verygood center for us."

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