99 Cents Only Takes Down Winn-Dixie Spaces

Zaffar S. Tabani, president of the Tabani Group in Carrollton, tells GlobeSt.com that he expects the blocks will be filled within six months. "Any broker who brings us a deal gets full commission," he says of a lease-up strategy that's already netted the Commerce, CA-based 99 Cents Only Stores Inc. for the Marketplace at Frankford at 3632-3636 Frankford Rd. in Dallas and Spring Creek Marketplace at 6205 Coit Rd. in Plano. Tabani says the inline space in each asset is 95% filled.

The Winn-Dixie stores were dark when Tabani bought the pair of three-year-old centers: the 94,290-sf Marketplace in July and 109,603-sf Spring Creek center in March. The shopping center space required minimal retooling because the stores were so new, says Tabani, who says the properties were bought for the upside in the openings and demographics of trade areas with average annual incomes of $71,169 and $97,398 within three miles.

The Staubach Co. in Dallas was hired to help lease the Frankford Road center while Spring Creek is being handled with an inside team. Retail space is advertised at $8.50 per sf to $22 per sf.

The Tabani Group owns 1.1 million sf in retail, office and industrial properties as well as development projects in Indiana, Louisiana, Oklahoma and Texas, which accounts for 50% of the 15-property portfolio.