Lease marks sixth Dollar Tree signed to firm’s portfolio
WASHINGTON, D.C. – September 3, 2015 – (RealEstateRama) — Westwood Financial Corp. (WFC), one of the largest privately held owner-operators of grocery-anchored retail properties in the United States, has announced the opening of Dollar Tree at its Albion Shopping Center. Located in the Albion Village of western New York, this location marks the sixth Dollar Tree to open at a WFC-owned center.
“We’re still seeing a healthy demand for neighborhood discount retailers like Dollar Tree, following the budget-conscious days of the recession,” said Ken Loughran, Westwood Financial Corp.’s senior vice president, asset management. “We identified this need in Albion, and as a result of Westwood Financial Corp.’s long-standing relationship with Dollar Tree, we were able to bring this highly sought after retailer to Albion’s primary shopping center.”
The variety store—known for operating at a one dollar price point in over 5,450 locations nationwide—now occupies approximately 9,180 square feet retail space in the 74,200-square-foot Albion Shopping Center and has signed a five-year lease. The company’s current growth strategy is primarily focused on opening new stores in underserved markets.
“Dollar Tree has a number of stores dotting the western region of New York, but most of these locations have been centered in larger metro regions,” said Loughran. “Now the company is expanding into submarkets away from these city hubs, so leasing at the Albion Shopping Center provided Dollar Tree the opportunity to do just that.”
Albion Shopping Center is the premier shopping destination in Albion, New York, centrally located between Rochester and Buffalo. The center is anchored by a Save-A-Lot grocery store and shadow-anchored by TOPS Friendly Markets. Peebles is a neighboring tenant to the new Dollar Tree. Currently, Albion Shopping Center has a 16,500-square-foot retail unit available for lease, adjacent to Dollar Tree.
“Dollar Tree continues to grow and is proud to be joining the Albion community,” said Chelle Davis, Dollar Tree spokesperson. “Our stores are open seven days a week and offer a fast, fun and friendly shopping experience. We offer incredible values and are looking forward to our grand opening.”
Virginia-based retailer, Dollar Tree, is a leader in the discount retail industry, operating in 48 states and five Canadian provinces. Adding over 450 locations since 2014 alone, the company continues to expand into submarkets nationwide. Dollar Tree earned its place as a Fortune 500 company in 2008—the first company of its kind to earn such recognition—and has remained on the list since.
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About Westwood Financial Corp.
Westwood Financial Corp. is one of the largest privately held owner-operators of retail properties in the U.S., with a track record spanning over 44 years. Founded in 1970, WFC is a fully integrated real estate investment firm that acquires, leases, and manages its portfolio of more than 115 shopping centers and retail properties in 26 metropolitan markets. The firm is based in Los Angeles, with satellite offices in Atlanta, Dallas and Scottsdale, Arizona. For general information, please visit www.westfin.com and for leasing and property information, please visit www.westfinleasing.com.
About Dollar Tree
Dollar Tree, a Fortune 500 Company, now operates more than 13,600 stores across 48 states and five Canadian provinces. Stores operate under the brands of Dollar Tree, Dollar Tree Canada, Deals and Family Dollar. To learn more about the Company, visit www.DollarTree.com.
