Tarrytown, N.Y.-based DLC Management Corp. has launched the redevelopment of Wing Park Shopping Center in Elgin, Ill.
DLC has pre-leased the redevelopment to a pair of anchor tenants: Walgreens has signed a 75-year lease for a 14,820-sq.-ft. prototypical store with drive-through that will be built to suit, and the existing Family Dollar will be relocating and expanding into an 8,400-sq.-ft. space. The overall redevelopment is 80% pre-leased.
To finance the redevelopment, DLC secured an $8.5 million loan with US Bank. Construction has already commenced and is expected to be complete in the fall.
“While the market for construction financing remains challenging, DLC has access to both debt and equity for our redevelopment projects, which are typically well leased to a consistent stable of value-oriented tenants,” said Adam Ifshin, president and CEO of DLC. “This is our third construction ground breaking for Walgreens in 2011 alone. We expect to announce additional redevelopments later this year, and are pleased to continue to work with our lenders at US Bank on compelling projects that create jobs and shopping options in the communities in which we work.”
Wing Park Shopping Center is located at the intersection of North McLean Boulevard and Wing Street in Elgin, Ill. For additional information, visit dlcmgmt.com.
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