Divaris’ ARMS Division Expands with Leasing, Managing Morningside Plaza in Altoona, PA

Posted on April 30, 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 Morningside Plaza, located at 516 West Plank Road in Altoona, Pennsylvania. The 151,142-square-foot retail shopping center is owned by Cornerstone Real Estate Advisers, LLC and is anchored by Gabriel Brothers (50,000 square feet), AC Moore (21,000 square feet), Photo Factory, Cost Cutters, Liberty Tax Services and Altoona Gourmet Buffet.  The two outparcels at the shopping center are occupied by Taco Bell and Long John Silvers.

Divaris’ 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 Sandy Cohen, COO, Gerald Divaris, CEO, Michael Divaris, president, and John M. Millar, executive vice president of Divaris Real Estate, Inc.

“Morningside Plaza is ideally situated adjacent to Logan Valley Mall in the heart of Altoona’s retail corridor,” Cohen said.  “The site is located on Plank Road, just off I-99 at a signalized intersection.”

Altoona is home to precision manufacturers, life science firms, technology based companies and material-related industries.  Additionally, there are six regional colleges, a major research university and three major hospitals located within the area. Penn State also has a 3,800-student regional campus in Altoona.

Erica Meekins, senior retail sales and leasing agent of Divaris Real Estate’s Virginia Beach office, has been appointed to handle the leasing of Morningside Plaza.  The center will be managed by Jennifer Brown, senior property manager for Divaris Property Management Corp.

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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