Virginia Beach, Virginia: Gerald S. Divaris, chairman and CEO of Divaris Real Estate, Inc., announced that DRE has been appointed the exclusive leasing and management firm for The Marquis, located at Route 199 and I-64 in Williamsburg, Virginia. The Marquis is a 750,000-square-foot, regional power center. At its completion, The Marquis will be the largest retail development in Williamsburg, featuring specialty retailers and restaurants and several big-box retailers including Target, Kohl’s, Dick’s Sporting Goods, Best Buy and JCPenney.
All five major anchor tenants are committed to staying in Williamsburg, having signed on with The Marquis during its pre-development stage. “The tenants are pleased with the performance of their stores and happy with the co-tenants that exist in The Marquis,” said Shawn Todd, CEO of Todd Interests, the development company that recently purchased the property. To that extent Dick’s and Best Buy have extended their leases since ownership changed in late 2011.
“Now that Todd Interests have acquired the property and have stabilized the issues of The Marquis’ former developer, we are excited about the ongoing plans for redevelopment,” said David Berndt, Partner in David Berndt Interests, Ltd., who has entered into a joint venture with Todd Interests for the additional development of the site.
The Marquis will be managed from the Newport News office of Divaris Property Management Corp. with leasing being handled by Gerald Divaris and Mary McGovern of the Virginia Beach office of Divaris Real Estate and Larry Agnew and Zach Means from DRE’s Richmond office. Phase I of The Marquis is now open and Phase II is expected to be delivered by the fall of 2013. In addition to the major big box anchor tenants, negotiations are underway with several restaurants, soft goods, apparel and a theater tenant.
“The Marquis is located off Interstate 64 with unique demographics and physical attributes. This makes the large development regional in nature, with a draw that reaches Gloucester,” said Divaris.
“The Marquis will have a 35-mile market reach. Williamsburg offers a high income, well educated population, a substantial base of college students and a large and active retiree market. The property’s strong existing tenant lineup will bring the city’s residents, who have been shopping in Richmond or Newport News, back to Williamsburg,” stated Divaris.
Todd Interests actively acquires and develops unique real estate investment opportunities on a national scale, partnering with high-net worth individuals as well as private and institutional opportunity funds whose focus is toward exceeding a greater-than-average return. While acquiring all traditional types of real estate, the firm specifically seeks exclusive, targeted opportunities that are positioned for an innovative, highly strategic investor capable of redeveloping – sometimes renovating, sometimes reinventing the project. Investment plans are executed by a select team of real estate investment experts, whose talents innovate and/or implement acquisition, investment and development strategies, transforming traditional risk factors into calculated profit. With over three decades of exclusive real estate investment experience, Todd Interests is one of the leading private investment firms in the US, with total capital investment volume approaching $1 billion.
David Berndt Interests, Inc. was formed in January 1998 and has been the preferred developer for Target Corporation’s expansion in Central Texas since 2000. The company has developed in excess of six million square feet of shopping centers since the company’s inception. Tenants in shopping centers developed by David Berndt Interests include Barnes & Noble, TJ Maxx, Old Navy, Lowe’s, Home Depot, Office Depot, OfficeMax, Kohl’s, Sears, Eddie Bauer, Toys R Us, DSW, Talbots, and dozens more.
Divaris Real Estate Inc. is headquartered in Virginia Beach, VA with offices in Chesapeake, downtown and suburban Norfolk, Newport News, and Richmond, VA; Charlotte, NC 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 30 million square feet of prime office, retail and industrial space from New Jersey to Florida.
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 across the country. These organizations represent corporate and institutional clients, 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.