RICHMOND, VIRGINIA: Sanford M. “Sandy” Cohen, president of Ingenuity Development, LLC., announced the acquisition of Archway Sixty Office Park, a 65,000-square-foot-office complex in Midlothian, Virginia
Ingenuity Development, LLC, is an affiliate of Divaris Real Estate, Inc. that specializes in acquiring commercial property for development and redevelopment throughout Virginia, Maryland and the Carolinas. Archway Sixty represents Ingenuity Development’s third acquisition in Virginia in the past 18 months.
“Archway Sixty represents a unique opportunity to acquire a very well located asset with great visibility, whose value can be significantly improved. We have major plans to enhance the building systems, both interior and exterior,” Cohen says. “This will enable us to enhance the image of the property and to raise the occupancy level of the office park. We plan to give the property a fresh new exterior look and a new name.”
Plans are being drawn and we expect to begin making the improvements the first of the year. Divaris Real Estate’s Richmond office will lease and manage the property.
Divaris Real Estate, Inc. is headquartered in Virginia Beach, VA with offices in Newport News, Norfolk, Richmond and Roanoke, VA; Charlotte, NC; and metropolitan Washington, DC. 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. Gerald S. Divaris is Chairman of the Board, and Michael B. Divaris is President of Divaris Real Estate, Inc.
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, tenants and buyers in all aspects of leasing, development, management, sales and acquisitions.