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STONE MOUNTAIN, GA-Tarrytown, NY-based DLC Management Corp. has acquired the 336,663-sf Stone Mountain Square shopping center for just under $34 million. The property is co-anchored by TJ Maxx, Staples, Marshalls, Rugged Warehouse, Ross Dress for Less and Bally Total Fitness. Other tenants include Aaron Rents, Casual Male XL, CATO, Hallmark, Leslie’s Swimming Pool Supplies, Payless ShoeSource and Radio Shack. The property, located in DeKalb County, is close to Stone Mountain Park, which attracts four million visitors annually. Average household income in the area exceeds $96,000.

“This is a significant sized community/power center in a market where we have an existing presence,” says DLC Management Corp. senior vice president/acquisition & marketing Guy Morris tells GlobeSt.com.

Morris says the occupancy level of the center is in the high 80%, but plans for the center are to fill the vacant space. The company also plans to make capital improvements to the property such as physical upgrades and signage upgrades.

This is the 10th asset DLC owns in the Greater Atlanta area and the third property in Stone Mountain. The company, which operates a 10-person office out of Atlanta, is looking to acquire more retail property in the area and throughout the Southeast.

“Stone Mountain is an excellent market right outside the Beltway,” Morris says. “Stone Mountain Center is the most attractive retail property in market.”

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