Divaris’ A.R.M.S. Division Hired to Lease, Manage Palace Plaza Shops in Williamsburg

Posted on April 21, 2010  /  in News Releases  /  No Comments

Virginia Beach, Virginia:  Divaris Real Estate, Inc.’s  Asset Repositioning and Monetization Services (A.R.M.S.) Division has been appointed the exclusive leasing and property management firm for Palace Plaza Shops, located at 113 Palace Lane in Williamsburg, Virginia. The 22,610-square-foot retail shopping center is anchored by Gridiron Sports Bar, AmeriClean Laundromat and Kielbasa Deli.

Divaris Property Management Corp and Sandy Cohen, its COO, were appointed by the court as receiver on the recommendation of the loan servicer, J.E. Robert Companies of Dallas. The ARMS division offers creative, “out-of-the-box”, yet practical turnkey solutions to owners, lenders, investors and loan servicers of troubled commercial real estate.  Divaris has a 32-year, proven track record of providing successful turnaround, repositioning, and disposition strategies for properties across the United States on behalf of local and national institutional owners.  The ARMS division is lead by Cohen, Gerald Divaris, CEO, Michael Divaris, president, and John M. Millar, executive vice president of Divaris Real Estate, Inc.

“Palace Plaza Shops is an attractive boutique shopping center that offers excellent exposure to over 25,000 vehicles per day passing the location, which is within close proximity to a half dozen hotels in the immediate area,” said Cohen.

Palace Plaza Shops is located off Bypass Road, less than a mile from the Richmond Road intersection.  Other national retailers in the area include Cracker Barrel, Golden Corral, Big Kmart, Pizzaria UNO and Dairy Queen.

Judy Jensen of Divaris Real Estate’s Newport News office and Ricky Frantz of DRE’s Virginia Beach office, have been appointed to handle the leasing of Palace Plaza Shops.  Jensen and Frantz are sales and leasing associates of Divaris Real Estate, Inc.  Palace Plaza Shops is being managed by Denise Wollesen, senior property manager for Divaris Property Management Corp. in the Newport News office.

Divaris Real Estate Inc. is headquartered in Virginia Beach, Va. with offices in Chesapeake, downtown and suburban Norfolk, Newport News, and Richmond, Va.; Charlotte, N.C.; and Rockville, Md.  Divaris Real Estate and Divaris Property Management Corp. are divisions of The Divaris Group, an international real estate brokerage and property management company that currently manages and/or leases in excess of 24 million square feet of prime office, retail and industrial space throughout the Mid-Atlantic and Southeastern states.  

Divaris Real Estate is a member of Realty Resources, a national group of independent retail property brokers and managers covering 91 major markets throughout the U.S.  DRE is also the Virginia affiliate for The CORE Network, a national group of office and industrial brokers with affiliates throughout the U.S., Canada, Mexico, Asia and Europe.  These organizations represent corporate and institutional clients, as well as tenants and buyers in all aspects of leasing, development and managing properties, acquisitions and land sales. Gerald S. Divaris is chairman of the Board, and Michael B. Divaris is president of Divaris Real Estate Inc.

 

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